I think a simple partnership accomplishes what is needed without the ongoing cost.

You can pull out up to 75% of the current appraised value of the home with a simple, readily available, conventional cash-out refinance.

Such as The Hands-Off Investor or passive Investing made simple.  

Centered on Interstate 14, the town is easily accessible and offers simple routes to major cities for work or entertainment.

Centered on Interstate 14, the town is easily accessible and offers simple routes to major cities for work or entertainment.

You can stick to the mainstream and go after the same people your competition is (which is totally fine), but you can also build an advantage by figuring out how to capture the fringes that others ignore.I'm not claiming that you *should* do this or that any of this is relevant to your situation since I don't know anything about you, but wanted to at least share the perspective behind how we think about it.

@Hayden Wright higher cap rate is not always better, capture initial equity through value-add, reserves should be substantial and you will likely use them, if you buy off of a long-time owner be sure to budget for insurance and property taxes to be a lot more than they’ve been paying, buy in an area where rents and property values are going up (good market fundamentals like lots of jobs in diverse fields, affordability (wages can pay the rent), population growth, good schools, low crime etc.).

Also, since this is my first property maybe I should "keep it simple stupid."

I was hoping assigning land value for depreciation would be simple as using the county's assessment; but the property tax assessment I received was not what I was expecting at all.Land value: 620KImprovements: 120KTotal: 800KTo be honest, when I was running my numbers, I estimated not being able to depreciate 50% land value; and I thought I was being conservative.

i am house hacking my first property: i keep it simple. flat fee for monthly rent, calculated utilities into fee. hope that helps!