If I sell my current lot for say $140K, can I use the proceeds as a down payment for the house, with me paying cash for the remaining amount of the cost of that house (lets say its $250K)?

@Leela Gutta the assessed values of homes for property taxes still remain very low compared to CA.

@Matt M.To take that metaphor in a different direction: people wearing ties and jackets tell you not to worry, we're getting "a soft correction" soon, you look out the window and see this.

Mother in-law already lives with us and is now financially tied to us.

I took a check one time, because I happened to be at the property and was going to the very bank that the tenant was on their way to for the deposit. 75% of our tenants pay electronically online, and the remaining 25% go to a local bank where we have a tenant access account set up and make their deposit that way.

The extended stay hospitality industry is on fire since it remained profitably all the way through the covid crisis.

It is generally allowable for conventional financing if the people named on the mortgage remain majority owners.

Is it a mistake to consider the rural areas that are tied to these metros? 

As inflation numbers go up and prices for other needs go up, fixed monthly mortgage payments for the previously purchased property remain the same.

My scenario:I'm looking to get into my first deal with my long term friend, and we'd like to house hack one 2+ bedroom unit and rent out the smaller remaining units.