Understanding the interest rate, loan maturity date, and any prepayment penalties will help gauge urgency.3.

but careful planning and documentation are essential""...making sure that your wife understands what she needs to do to document her hours and activities."

This will help you understand the qualifying requirements, key factors to consider when purchasing, and how to assess whether a property might be a good investment at first glance.

A straightforward way to estimate value is by looking at the price per square foot and using that to calculate your property's worth.In situations like this, it's worth spending a couple of hours yourself to get a solid understanding of the market.

I'd have to see your overall layouts but I think you are on the right track. we build 3 story stacked triplexes and it's very efficient so don't be afraid to go up either. anytime you build more than 1 structure costs are much higher but if its just to offset mortgage and you want to be separate then I understand. 

Until you have $1 million or more in equity and really understand how to use an LLC, I recommend you just buy an umbrella insurance policy for $1 million.

A skilled property manager understands tenant segments and their behaviors, which helps attract reliable renters.

Now, take some time to understand the local market.

But what is really important is that you understand the terms of the loan, including the length of time and when you can expect to get the money back, how it is secured, and the process of getting it back if things don't go as planned with the investment.

Focus on understanding the rental market, conducting thorough property inspections, and leveraging owner-occupied financing options like FHA loans.