We update our lease constantly and our attorney reviews it annually, I feel this is the best route and so do most of the instructors at CE classes that I attend.

What you described as an option isn't a good option (I said that nicer than what I wanted to say).First, dump the idea of Hard Money. 

I'm ready to make this happen and seeking my first property!  

@Michael Bishay your biggest challenge will be getting your expected ROI out of Class C & D properties.S8 vouchers aren't necessarily a guaranteed solution. 

I know I should just be focused on house-hacking my first property because I haven't done it yet, but what should the next step look like?

@Yehuda Bochner which asset class?

Jay O.Jay O, First off good luck to you in your endeavor!

I did some research on renting by the room when I first acquired this property.

I've been educating myself on real estate for the past 3ish weeks or so but I have about 10k worth of credit card debt should I try and pay it all off so I can get my credit score up and have better approval odds for my first investment loan (I would be using my VA loan).

Using the LLC asset only makes more sense to me, but I've heard it from tax attorneys for example that the appraised value is what's used each year, until The Person owns 100%, then it's game over.If anyone has direct knowledge or first hand experience or can point me to a specific reference document (IRS perhaps?)