Our predecessors took too much advantage of that rule and “screwed” us. 

It’ll be my very first RE investment so I am unfortunately in the stupid, new, naive, and excited category.

Would that fall into a rental home category?  

So with that third option of a buyout if we were to want to buy out the third partner is there a specific structure that would be more tax advantageous?

Properties under 100K are high risk singles or doubles in tough areas.It’s important you understand what areas you are getting into and what the risk is on each property.I have seen a ton of investors chase what we call “paper returns”They look great on a spreadsheet but reality can be painfully different.Location is the first most important category, asset condition is second, returns are third.You have to have a grading system and an analysis system in place to find a great property.

Inflation in some categories may be here to stay, but if you want a counter argument.

It became much more profitable, hands off, and tax advantaged

I'd say the reasons to have a property manager are:-you don't have the time to do it-there may be a conflict of interest with the tenants (ie employees or students)-you live too far away-you have problems saying no and you let people take advantage of you

IRRRLs have fees, but they do have some advantages over other types of refinance since IRRRLs don't because require appraisal or underwriting.The VA loan is a powerful benefit, especially considering your husband is a disabled veteran...he very well may qualify for the VA Funding Fee to be waived.

If you own this as a rental for years someone is likely to disagree and feel hurt and left out or taken advantage of.