But what does that mean as far as my asset protection3) Since I'm in second lien position, is it common to add a personal guarantee/collateral assignment? 

I'm not thrilled about optional improvements with sky high material and labor prices right now, but yes, improve your home when things settle.As far as vesting title, my wife and I 'own'  separately, but we are in a community property state and want to burden our credit available as little as possible. 

Of course I will continue to volunteer but as far as employment, I feel ready to just dive into real estate entrepreneurship.

Exceptions are made for bankruptcy, IRS liens, and mechanic liens.It's protection is so good that corporate raider Paul Bilzerian, sued for millions, $62 million by the government, moved to Florida and paid $65 million for an estate totally shielded by the homestead.

So I think I'm covered as far as when the lease is valid even though the lease start in Aug.I am generally too nice and have been taken advantage of in the past.

As far as real estate, you could easily purchase additional units/properties leveraging your gains as down payment.

For the last if you keep it as a hotel, it would make evictions easier, just costs a little more ad far as taxes and fees go..

That's not such a straight forward item as one would think because there is so many different aspects to ones real estate dealings.

I blew my rent estimates out of the water because the rental market is so hot where I am right now.

Essentially it was a 2-4 unit property as far as the lender was concerned.