You will begin to learn the neighborhoods and owners and eventually we will have another down-turn or you'll find a good situation to jump into.

Investing in Apache Junction is great, but if you'll be working in Surprise have fun commuting 2 hours a day.A house-hacker is a special type of home buyer, because you have to find a deal where the numbers make sense AND it makes sense for your personal living situation.

I think everyone's situation is different, and each person's journey in discovering the kind of investor they want to be can be discovered by trial & error, or education through partnering with someone or learning through the books, podcasts or forums available to you. 

I'm interested in getting input as to how this could affect a niche market and legalities of the situation in various states.  

I know each situation is different for each person.

You and I are in a similar situation.

I think in most situations you'd be better off buying a turnkey with 20% down, especially if you can get a fixed rate loan.

Has anyone had experience with a situation like this? 

He wasn’t my first choice, but a “convenient” situation caused me to select him.

That being said, does anyone have some sample term sheets they have created for this situation that would include the responsibilities of the borrower and lender, the amount of interest for the term, time period and payback terms.