Hi John,Maybe think about Landlord Locks.You can look them up on the internet.1 master key and individual tenant keys.Good Luck!

I certainly would be vigilant when selecting someone and allowing them to live in my home with me and my kids; but you would not be the first, and if you pick right it might reinforce the family unit and teach your boys about sacrifice. 

One thing to note when looking at the individual markets, you can make or loose money in any market.

Would it be easier to write a specific contract for each sum he transfers to me and have 5 or 6 individual notes with descriptive verbage on the terms?

Someone had to take a second and teach someone else.

Yes, you had to make sure you’re legally compliant, but it is something with an average individual can do.

The podcasts at BP are teaching me a ton.

@Nicholas HeinrichLand that can be developed into subdivision;  individual houses; RV Park; mobile home park; storage units; apartments; commercial buildings; strip mall are good deals.  

The primary driver is what your individual facts and circumstances look like. 

The issue with answering your questions is that every individual has different goals and ways they should approach the "next steps" depending on their financial situations.