then you should probably wait.

Other concerns that immediatley stand out: no mention of who has authority, no voting rights etc, no reps or warranties & no language concerning winding up the partnership before the 10 year term ends to name a few.

But I had a question regarding what you mentioned: Since you always consider full rent when running #s on a property, for someone like me looking to house hack wouldn't that be more misleading/confusing on what I may be earning on a property?

You mentioned cash flow as your focus.

Even if you have to pay more for the purchase think about the costs of carrying the real estate while waiting for the approvals  (debt service, property taxes, insurance, maintenance for the in-place tenant) and the additonal finance charges associated with originating an acquisiton/bridge loan and then a construciton loan at a later date. 

I’ve seen people charge extra for this in the rent.Typically when you rent by the room the kitchen is shared by all and having predetermined spots for each tenant for cabinet space is also great to do in advance.Personally still doing market research for rent by the room but I’ve read and listened to podcast that indicate what I mentioned above.

I'm glad he remembered to mention depreciation recapture. 

Might just need to wait a little longer.

As I mentioned in my original post, I did consider investing in a cheaper market - Baltimore, where I'm originally from. 

Like several others mentioned, I live in North St Augustine (WGV) and work in Jax.