Align yourself with expert people with doing 0.001% deals and you will be ok in a correction.

It's best to discuss it with a tax expert before embarking.Most retirement plans require covering your employees, as well.

Look forward to any knowledge you have to share.

@Brian Garrett, you have obviously never worked for a lender or been a Mortgage Broker as your comments above seem to scream lack of knowledge on this particular subject.Have one or more of your "Preferred" lenders join this discussion and let's see how they respond to some questions on this topic.Send them this thread and ask them to join the discussion so the investors here on BP can determine what is best.    

Since you put it in, I would let it ride and then work it out.Just my random thoughts without any real knowledge of the whole situation.

Also, I’d try to reach the Current homeowner for their knowledge on it.

It’s up to you to decide if you have the time/knowledge to properly find, screen and manage your tenants or to hire a management co.

I am not a CPA and do not provide any professional opinion on the tax matters, but from my best knowledge this is absolutely illegal and is considered a tax fraud, which is a crime.

I was lurking for awhile but I've gained so much knowledge through interactions on the forums here.

It is that easy to gain more knowledge and be more skilled when it comes to the real estate industry.