My question, is it smart to invest in a rental property even though we are also currently renting?

There is a lot for sale right now, any opinions as to whether or not its still a smart market?

Get it under the lease option contract then you can shop it around, if you can't find a buyer, then let it go and move on.

I’m aware that having properties under an LLC is a smart move for liability protection, I’m just not sure which business entity formation would be best for 3 people involved.

If lack of deposit is an issue, just do some flip-n-sell first stack some cash up then go for BRRRR after.Other than that, talk to more mortgage brokers just shop around.

Close proximity to shops and restaurants is great, as well.

Be smart up front, do your homework on your market, and run your numbers conservatively – especially if you are investing with other people’s money.· Right around Labor Day the CDC announce that residential evictions are being put on hold until the end of this year for those affected by covid-19.

Ok, so I've never done a subject to deal, so could someone explain it like I'm a super-smart kindergartener?

I remember a very smart "guru" in the multifamily space told me in 2015 "Travis, we're not going to do any more deals for the foreseeable future, because I believe 2016 will be a MASSIVE meltdown in the economy and stock market".

The owner is selling it for a reason...what can you do with it that he/she did not.And, I think you're smart for looking beyond the first year cash flow; the most successful investors I know are interested in performance improvement year-over-year and are confident in their skills to "create" a winner.Hope this helps...what little you shared didn't scare me in the least.