Knowledge is power and you are setting a good example for your children.

What are the powers?

Money Mustache blog for an eye-opening and different perspective on personal finance... good for anyone, but especially powerful for young people

You can check this with the power off (and you should). 

I understand that power of compounding interest and currently time is my biggest asset.

I also outlined the potential fix and flip, everyone's roles, and the profit split in a neat power point presentation.

In any event, someone will need the capacity, powers and authority to pass marketable title to you.

If the owner is deceased, you'll need to contract with someone who has the capacity, powers and authority to pass (transfer) title.This has little to do with whether the opportunity is potentuslly orofitable or not.

if you have a bleeding heart for low income, bad neighborhood type of renters then more power to you. 

My question lies in the reporting of the income from the guest house rental in efforts to maximize our loan potential for future buying power.