As mortgage rates eventually drop, your cash flow should improve over the long term.

We are moving to another home that we have renovated, and will be renting out our primary residence on a long-term lease.

As teachers part of our philosophy of education is that while we are the teacher to our students we always take our place as students first learning from our students and anyone willing to share new knowledge — we don’t know what we don’t know so we remain curious, hungry as life long learners.

You can use personal accounts for both rent and deposits, as long as they are kept separate from your parents' other finances.

You need to consider how long you will be keeping this property.

If you're not yet aware of this niche strategy whereby you can leverage your real estate assets (single family, multifamily, hotels, etc.) to generate significant long term cashflow, this is the podcast to watch. 

I think splitting the profits is fine as long as your partner has worked out how much the labor will cost.

@Adam WalkerIf your strategy is buy and hold long term and you can afford the payments right now then I would say continue to hold.

Typically houses/properties that have well water and a septic system have them in opposing yards, and code typically demands a certain distance between them. 

My intent is to convert my primary into a long term rental.