An LLC in Maryland is easy, cheap and provides the protection you are probably looking for. https://www.fdic.gov/regulations/examinations/bsa/...

Next, follow SEC regulation 506 to form your own syndication.These are the steps at a 100,000 ft view.

Plus to legally rent out your place Holland strongly regulates rentals if you have a mortgage.  

Follow all your state regulations, operate professionally and don't worry about lawsuits.99% of tenants that threaten lawsuits do not follow through and assuming you have operated by the book lawsuits are a non issue.

Fannie/Freddy has regulations that are hard to bend and if you plan on using those you would want to make sure you don't write a contract that will render your deal unattractive to the agencies.Local banks on the other hand can be a little more flexible.

In washington state, a basement rental would be considered an accessory dwelling unit (ADU), so not sure if Utah has same thing, but any government regulation / approval that says you are able to rent out your basement might help as well?

The best part about this run for us was seeing the different rules, laws and regulations in each State.

Are you familiar with regulations that affect how a loan is made, serviced and dispositioned?  

@Jarid Wilson you can visit equityrealestateblog.com and get contracts, you can have these contracts amended to the laws and regulations of Delaware.

First step has to be to check all the local zoning and license regulations.