If you really want rentals, and want to start with this one, that could be a good idea, BUT I would make a serious plan to acquire at least a few more in the short/mid term future.

I will rent to him for remainder of life for 1000.00 My thoughts are in ca adu are allowed and almost pushed upon us I have raw land with water to it I was going to write a plan to have a structure manufactured home cause the utilities and set up are provided in cost rent to the guy who is willing to buy the structure and borrow some money from the trust it says she has discretion to do that! 

You'll also want to think about liability protection too, and an estate plan if you don't have one already. 

Unless you plan on purchasing the property with all cash; obtaining any type of financing for a property as a married couple will mean that both of your incomes and financials will be factored into the financing with conventional lending.

Would I need to plan to live in the property for one year as my primary residence to qualify for such a mortgage? 

Good Morning, I have heard of people using their deferred comp. retirement accounts as temporary loans to fund rehabs, buy properties, etc. The terms are listed below: -9.5% Annual Interest; but you pay yourself the i...

When do you plan to start a new lease? 

I would strongly consider them but I am planning on waiting til early Spring to buy.

We hope we can communicate our goals, vision, and what game plans we are considering running with to gain some insight from the community.

Eventually it all comes back, its a matter if you want to pay the bank or pay yourself- both hurt in their own ways but we bet on ourselves every time.I can say a great way is to share your specific property when you are ready and there are a lot of great advice on what a good property can do.In any case, good luck, hopefully you execute a plan!