Great long-term BRRRR deal.

If tenant is typical without a lot of money, and being honest, I would reach a reasonable settlement and not add misery to their life. 

Make sure it explicitly explains the process for termination if you are unhappy with their services, especially if they violate the terms of your agreement.3.

Hi Madhul,Investing in both LTR (Long-Term Rentals) and STR (Short-Term Rentals) can be a great strategy, especially with substantial capital.

If you're not planning to live in the property long-term, I'd suggest prioritizing the property's standalone investment potential during evaluation, regardless of its role in a house-hack scenario.

Rentals are the best for building long term wealth building.

I would side with your wife on this one, I typically tell people to stay out of AC, Trenton and Camden or any D area especially if you're new those properties are very labor intensive 

If you know nothing about both markets I can tell you traveling into Louisville is typically cheaper and easier, but Lexington neighborhoods for me were a safer bet overall. 

I’d rather the potential for long term residual “passive income” as opposed to a one time profit.

@Lilly FangThe way I have done this in the past was I had a lien on the property and let the property be in the name of the partner but we had a jv agreement outlining the terms of the profit split on the deal