He needs to share 50% of all expenses.

ctype=...Meanwhile my 100k house I bought in cash 17 years ago sold for 325k but net only 237k after selling expenses, renovation and taxes.

We aim for a target cap rate, say 6%, aligning with our investment strategy.Here's an example: if a property yields $1.2 million in income and costs $10 million, resulting in a 6% cap rate.Then there's the adjusted going-in cap, factoring in potential changes in income or expenses.

Borrowers historically (but maybe not at the present moment) have come out on top using floating rate, in other words, they are getting paid for the risk.

At first they looked cheaper when I was checking them out, but then I realized they were actually MUCH more expensive than my current brokerage. 

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23DSCR lenders generally let you vest either individually or as an LLC.

My husband and I are looking to buy our first house hack in Salt Lake to reduce our living expenses and get into the real estate game.

The cheap homes have higher turnover, lower quality more problematic tenants and more expenses.

I'm feeling seriously frustrated with opening up these LLC's & I have already paid an attorney to get everything ready to record these deeds . 

Your strategy of converting the garage into an additional dwelling unit (ADU) and using the property for short-term rentals (STRs) sounds like it has paid off well, especially given the unique aspects of the property and its location.Your approach to identifying a unique investment opportunity that was overlooked by others, and your patience in securing the right deal, are key takeaways for anyone looking to invest in real estate.