We would like to grow our portfolio as time, finance, and opportunity allow.Lastly, our oldest is headed to UConn for her PhD (6 years) and instead of paying to rent, our thoughts are to do a version of a house hack with buying a house/condo with her living there and then renting out one to two rooms to offset the costs of her rent.

You have a governmental authority using its power to hinder and regulate private transactions creating some kind of “litmus” test based on god knows whatYou have a seller remaining in a home he sold indefinitely.You have a lender that has twice filed for foreclosure You have a profit sharing arrangement upon resale with the seller/tenantYou’re performing repairs/maintenance on a house while occupied by the seller/tenantAny or all these are lawsuit magnets.If you buy a property, and the seller is a consumer, not an investor, you should NEVER do a profit participation.  

Investment Info:Small multi-family (2-4 units) buy & hold investment in Albuquerque.

Buy what is familiar to you and close to you.

While wholesaling is the business of finding properties to put under "contract" to transfer the contract to buy the property from one set of owners to another in a short period of time.

This means that you will probably need to pay registration and filing fees in at least 2 states if you don’t buy CA property as a CA resident.Be sure to tell your accountant that you may now need to file non-resident income tax returns in each state where you own property as well.

Quote from @Arkadiy Iliyayev: Thanks for the reply Jake, I really appreciate itIf you cut Brownsville in four pieces using the interstate to divide east and west and Ruben Torres to divide north and south, you'd be safe buying basically anything north of Ruben Torres with the notable exception of Cameron Park.

The plan is to live in the worse off unit regardless of what property we end up buying. 

The programs are created for investors who buy distressed homes, repairing them and then either selling them or holding them for rental income and flipping the hard money loan to a long term DSCR loan where the rents will underwrite the loan.Program availability vary by state.

@Marcus Amison, that is a question for a real estate attorney in the state you intend to buy property in.