There is no problem making my private lender an equity partner on paper, and just treating her as a lender....or possibly even offering to pay her as lender but give her the option for equity at the time the balloon is due.   

Do you owner finance and carry the paper, and perhaps sandwich your original owner carry back loan into it?

I need to validate with the City but, I believe they pay $650 for a 2/1I will use the MLS to advertise the rentals The tenant screening process will be done though my Broker's service The lease is currently one sheet of papered will need to be updated.   

My business partner and I (both freshly passed the UT agent test) will need work work under the supervision of a Broker per state rules, but will have a fully independent company aside from working under the broker on paper. 

Should we use pm software, free software, Quickbooks, paper, an excel spreadsheet...any ideas?

In the end, regardless of what it looks like on paper, it's going to be a lot of work, possibly not profitable, and you will have to live with the label of "slumlord" to make any money this way.

Just talked to Wells Fargo and they had a teaser FRA of 5.365% good for the first 11 mos and 8% thereafter.

You might want to see if your seller would want to carry paper on the two, or just one, whatever the need is, for a decent amount of time, to let you build a little equity in the deal & later on refi conventionally to cash him out.

Until we sell, the appreciation is a paper tiger but the CF has taken us to Europe three times now>

Once Starbucks is there you are well behind the curve.Ways we monitor are watching local papers, planning meetings, studies, and one of the best is your local business journal.