As long as you have the reserves and financial means to handle this sitution.I/O is nice since its sort of the ultimate leverage. 

Is the anonymity and the additional asset protection worth the hassle?

While the potential rental income of 4K is noteworthy, it's essential to consider various factors.The local real estate market conditions, property management costs, and potential maintenance expenses should be factored in.Additionally, evaluating investment alternatives like the stock market is prudent.Renting out a property can offer long-term benefits, but careful financial analysis is crucial to determine if it aligns with your overall investment strategy and goals.

A cost segregation study is a strategic tax planning tool that separates the assets that have a shorter useful life and can be depreciated over 5, 7 and 15 years from the residential rental property or nonresidential real property that are depreciated over 27.5 and 39 years, respectively.

It seems in many cases, it’s not financially viable to repurpose the space for multifamily, storage, etc.

From there I want to grow into having a portfolio that could change the general trajectory of my family's financial wellbeing.

A CPA can discuss financial options and tax ramifications.She has a right to access any tax returns that her name is on, and helps if she had income on it.

This is a very advanced technique and if your financial company allows this make sure you speak to them about the risk of your holdings/loan being called if you go this route.Also, keep in mind that if that 2nd loan is paid by your savings account, your checking account, a HELOC, another loan...it still means you are net negative on that property. 

Buffalo has been a great market for me personally and for investors in general as our property management and Realty company has grown to over 600 doors.The key to investing in Buffalo is location and asset condition.  

@Gary LeeAs someone who manages a debt fund- the only time we would do something like that would be if the borrower had significant number of other assets with equity and we would also cross collateralize them and get a personal guarantee.If you have little to no net worth then the answer is no.