Besides, having the kids as the only signatories to the lease helps them along their path in life.Now, to answer your question.  

You are absolutely correct you do not need to pay $1495.

It’s a good start toward getting deals done correctly.

Bigger Pockets is a great place to network, learn about the real estate investing business, and get deals done correctly.

They showed my what true unconditional love really is.I’ve gone down many rabbit holes on my path of personal growth & self-discovery.

If you choose (2) - then you will follow the Roth path, as @Carl Fischer suggested.

Vidya, you can take advantage of the free resources BP has to offer as well as connect with other experienced investors to get ideas as well as get your deals done correctly the first time.Congratulations on your real estate investing career, and I wish you the best of luck!

Also, I took my repairs and vacancy down to 5% do to it being a complete rehab and the area is located near a military base and college.I am using a Hard Money lender and I added in the points correctly but I didn't put it as interest only as it should be.I did forget the insurance piece.  

Bigger Pockets is a great place to network, learn about the real estate investing business, and get deals done correctly, Bryon.

I think you're going about it the correct way.