The law DOES requires to "disclose knowledge of lead, warn and educate tenants" - but the risk of being sued remains, as it is impossible to remove it altogether.If a tenant does sue - despite the fact that we took all precautions and followed the law (disclosed, warned, educated) and the tenant agreed to sign a lease despite the possible risk involved which they were made aware of - I wonder what chances would they have to win, in case it occurs to them to sue?

What I lack, but am striving to gain, is the financial wisdom on how to structure the deal, so that's it's a good deal for all involved.

However, you would then be selling your house, so there would be two sets of closing costs involved and you would have to figure out who all is paying them (the seller, you, the buyer, or a combination).

This situation just sounds like a recipe for disaster.Hold onto your money and find a local mentor who has experience (in years not months) investing in the type of real estate in which you want to be involved.

Be involved in the community.

That involved updating the kitchen with new cabinets, flooring, sink, appliances, made the living room / kitchen an open plan.

In a nutshell, step away from that screen and go get involved in your world. :)

I don't analyze schools, or shopping centers, or grocery stores, or anything else that doesn't involve numbers with $$$ in front. 

I would definitely check out the Real Estate Events and Happenings section as there are usually several different events for local investors every month, and they're generally great for meeting people involved in different facets of the industry to build out your team.It's certainly challenging to find good deals nowadays in the area--there's a lot competition, and almost everything you'll see on the MLS will be relatively overpriced (and/or gone within days/hours of being posted).

I am also looking to get involved in multi family, but in my area.