Aloha everyone,I’m trying to cover all my bases here and wanted to propose this scenario to you and here your thoughts and ideas:I’m currently in escrow on an investment property that costs $600k.

My Grandmother loaned me $18,000 at 7% to cover closing and moving.

Set aside extra contingency money to cover the unforeseen2.

Non Conforming Certificates, which the State had stopped issuing (nothing after1989) gave any owner a legal cover to perform daily rentals.

In my understanding it means that if I won the property the proceeds would cover the liens and the rest would go to the mortgage. 

I will be going forward though, as I have been building my credit since my Cashflow covers my bills.

I'm a first time investor and would like to "house hack," so I can establish residence there and at least cover the mortgage with the other rooms.The real questions that I don't know how to answer are the due to the fact that I'm a 1099 and have been for years.

Your loan for your unit is more than $250,000 (which is the Max your lender will likely require) they could ask you to cover the $50K.

In that case just cut the shower valve area out replace with the one you desire and cover with cement board. 

I had less than 3 rentals for over 5 years and covered under umbrella insurance, also because I was self managing them and doing have work myself which the LLC won’t really cover against (ie the LLC would be solid but if I personally repair something or do the lease/screening wrong as the property manager they can just sue me directly).