Goals and story: My friend is a foreign national, immigration status has been approved but still waiting on green card, has social security and runs a lucrative business that mostly deals in cash.

2) With the tenants in the other unit, should I raise the rent to match market value?

Crowdfunding through Reg CF isn't that popular in real estate because there is a limit to how much capital a company can raise.

I'm not sure that leasing out at less than FMV alone raises some tax issues.  

I agree  on the above but as an investor in this raising rate environment, asset-based (aka DSCR loans) are the way to go irregardless of Partnership or Solo venture purchases.

Better to find one or two multi-family buildings and live in one unit while refurbishing the apartments and raising rents.

I was born and raised in Columbus, Ohio and I want to get into the real estate game here. 

Variable rate always scare me, but especially when the fed has already announced their intent to raise rates.  

I also have a few personal credit cards with 25k, 15k and 18k limits. 

It is truly exciting to have been raised here and watch the town spruce up with major developments go from planning to breaking ground and higher than the previous development.