we use these in my house and my in laws.

That is especially true with the tax law change that went into effect this year; the standard deduction nearly doubled, so the taxes you save by itemizing might be much less than they were in the past (in other words, because you are getting a larger benefit through the larger standard deduction the "cost" of not having the mortgage interest deduction might be less).I can see an argument for there being better uses for your money than to pay off a mortgage with a 5.5% interest rate (if you can make an investment that pays at least 6% for example), but if your quality of life will improve because you paid off your debt and are now "financially independent" then that is what you should do.

The dream is to get a place where we can offset the mortgage with an in-law revenue stream.

Last, but not least I'd suggest speaking with a securities attorney in general on the investors' topic to ensure full compliance with the laws. 

Not sure I know any more with the tax law change this year. 

Please make sure that they are two separate documents.I can send you some docs if you want that you can run by your attorney to make it more relevant as per your state laws.

He is an investor himself, familiar with the Georgia laws/tax, etc.

Most title companies are owned by a law firm or have a lawyer on staff so lets just say Both to answer your question. lol

A law in my state has owner occupied as being exempt from school taxes but rentals are still taxed.

Hopefully someone who is familiar with CA law chimes in as well as anyone else with experience in this dilemma.