Doing it the "wrong way" makes a lot of extra work for both of you and kind of defeats the purpose of having a manager.  

I won't let the world defeat my idealism.

If I only purchase a 3 bedroom and rent out two rooms, from the numbers I am using I would likely be coming out of pocket for about half of the mortgage every month, and that kind of defeats the purpose in my opinion.However, acknowledging I have never done this before, for those of you that have, I am curious what your real world experiences are with this scenario. 

I feel like that kind of defeats the purpose...

Many of the unexpected expenses left us temporarily feeling defeated.

If you are using the hard money to only acquire and there is no rehab or anything to INCREASE the value of the property then it almost defeats the whole purpose of this loan product and I would not recommend it whatsoever.

You’re self employed and need a Brokerage to hang your license with in order to function as a licensee/agent, and most likely a Realtor if joining NAR is a requirement of your Brokerage or MLS.Don’t go applying for a desk job or you’re defeating the purpose and flexibility of being self employed.

If the lender forecloses on the "new" mortgage, they could be defeated.  

The only place I know you could do that would be Listsource.com and that would defeat the purpose of finding free leads.

I foolishly entertained the idea that maybe the state would provide a waiver of some kind and release the property from the liens but that would totally defeat the purpose of a judgment lien...that being that the lien attaches as a way to help guarantee the payment of the amount owed and remains a lien on the property until the debt is paid or the property is sold.