A complete explanation would take a good chapter or 2 but that's the gist for a starting out forum. 

You question indicated numerous people involved in this particular business plan and is covered under the LLC as well in the ability of 'unlimited owners' (people involved). 

Garrison Weiner helps me on numerous of my deals.

There are numerous strategies that we are using right now, including but not limited too... short term rentals, medium-term rentals, rent by the room, and making more than one rentable space in a single-family.The easiest and most approachable way for you to get started in my opinion would be to utilize that equity in your primary (or if you have some capital saved up) and move into a new primary residence and keep your current place as a rental.

Brokers are familiar with the numerous lenders and their policies.

@Daniel Murray every receipt should have an explanation of the purpose of the expense unless totally obvious.

Someone please explain what Cash on Cash return means. Thanks.

After speaking with numerous agents, I found a group I thought would be helpful.

Just looking for some explanation. 

This is a good explanation by Randy above and I would just piggyback on a couple of points.