Worth or Denton but have been considering starting the hunt - only fear is I am just not as familiar with the areas as I am in Dallas now.Really looking for simple, conservative investments that could be bought and held (1% 'rule') in places where I'd have my family live. 

In the rules from the host it clearly says no parties, or pets, or smoking, etc.

That's what I did.Lastly, you can add an addendum to your lease that sets rules in place for washers in the unit. 

When you create an operating agreement there are some limits to what you can do but you could allocate him all depreciation in any given year and it would hold up as long as your agreements met the substantial economic effect rules. 

Two of these guys quit their jobs to focus on real estate for a little and are supported by their investments.Oh yeah, aside from these strong personal connections, I met my agent, property managers, lender, and inspector all through...you guessed it...Biggerpockets.I'm really not sure if any of these connections would have formed without Biggerpockets.

@Stephen MenkeYou absolutely may not do this.IRS rules for IRA plans prohibit any kind of self-dealing.   

You can probably rule out a hard-money lender as they'll want to be able to own the property if you default and if the current owner has a $400K stake, that may complicate that. 

@Yan GuoBase it off his income of 1500 a month . 3x rule..

I'm in the wrong business.You might want to check if that is child support, and, if possible, how reliable it is. 

Properties of this size support their own dedicated staff, and it is that staff that takes the calls, tours the prospects and takes leasing applications.