My initial idea was 10-20% down with 7% interest rate for 10 or 15 years after doing research. 1 person suggested a balloon at the end and another person advised against it. 

We have our own personal home, but are interested in the idea of having some rental properties to generate additional income and build wealth. 

The common area language should dictate that personal items are not stored in common areas, it may also address maintenance of those areas, but you will need to amend it to address outdoor furniture and grills. 

Have you seen the completed home in person? 

My main concern, being my first rent increase, is the attitude/personality needed for such a task.

It's much if you can see the property in person. 

Our focus is partnering with investors, and that's what we're personally doing in Waco. 

You don't want everything to pass to them when they turn 18, however, you do want them to be able to access funds for education or professional use.

I personally have 12-doors in Detroit and I'm working on a duplex (currently in probate).

@Mark Enis I'll let the other experts chime in, but my understanding with a conventional mortgage, they don't want any part of the deal to be borrowed funds.