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I have considered turnkey properties as an option

Otherwise, I recommend option two, using a personal loan.

With countless loan options, complex terms, and strict lending criteria, it’s easy to feel overwhelmed.

It’ll save you headaches later if she tries to escalate things.Document Everything: Take pictures, write down the history of your interactions etcOffer a Transition Plan: Just like my client, I’d recomend offering her a temporary storage option nearby, or even a small rent discount, to show you’re not trying to kick her out - just keeping the property safe and up to code.

The condo will limit the rental options to age restrictions. 

There's too many investors who are front page news in Northern states re CFDs gone bad and Texas where lease options went bad and the state enacted buyer protections...Take care to all.   

Your best and most efficient option would be a DSCR cashout refinance, more than likely.

Your mentor’s advice about starting with a rental property is solid, and a duplex could be a great option for house hacking.

A Solo 401(k) may be advantageous for self-employed individuals, offering the potential for participant loans, higher contributions, and no custodian fees, as well as higher contribution limits and the option for tax-deferred or Roth contributions.This post does not create a CPA-Client relationship.