Positive SolutionsProblem: In my county small multi-family houses are nearly non-existent and short-term rentals and second-cooking-areas are illegal.Solution: House-hack while renting MTR to traveling medical professionalsProblem: I didn’t know the many laws of the countySolution: A hired attorney 1) informed me that the county calls a house-hack a boardinghouse and 2) drafted a very comprehensive agreement that includes answers to your list of questions.Problem: Interpersonal problems can be a risk.

Network with wholesalers, check public records, and use platforms like PropStream or DealMachine to find distressed properties.Be Cautious: Pay attention to permits, inspections, and local market trends—over-improving for the area could hurt your profits.Starting with a solid plan and realistic numbers will set you up for success.

My best appreciating are over $10k/month of appreciation and similarly I suspect this beats virtually all other non-commercial (<5 units) residential RE in my market. 

Equity paydown and modest appreciation would result in a small profit; not enough to justify a non passive investment but i will own a killer cabin.  

Unprecedented levels of investment in private and public projects have made Kansas City a major entertainment and employment hub.The Kansas City economy is diverse with numerous employment opportunities and a growing population.

It's good that you have thought about this, but its really a non-issue. 

@joel, FHA will finance non owner occ??

Their LTV is 70% max and they offer a 6 percent return for the investor (non pooled funds). 

Why don't you just non-renew him at the end of the term?

We don't practice discussing the details of private transactions publicly, thats just not good business.