If you are looking to buy 1-2 properties and live off the income - probably pretty crazy. 

I live in Salt Lake County.

Keeping the properties separate is mostly for the different depreciable lives and it wouldn't matter a whole lot when you eventually go to sell the property.

. - We have lived in the house more than two years

If you don't want to get your lenders in trouble, pick up a copy of Lend to Live in the BP bookstore for both of you to educate yourself on how to do it the proper way so that it's a true business transaction and not cutting corners just because you know each other personally. 

I have a house close to Wichita Falls Texas and I live about 8 hours away from the property.

I live in Garden City, Missouri, which is about 45 minutes drive from the property in Kansas City.The property is currently vacant.I own the home, have no loans or mortgages.

You might want to consider negotiating with the seller to resolve these issues as part of the deal.House Hacking: Living in one unit and renting out the others can be a great way to cover your mortgage and build equity.

If you aren't doing this with an LLC or other company, then the money is "still all yours" - you can freely do as you please with those funds (once the rents accrue enough for you to have a comfort level).I would suggest you contact a good accountant (CPA) knowledgeable in real estate matters to assist you with starting up your accounting system for this rental.

Parent A, parent B and Aunt A don’t live in the property.