I remember getting this sort of thing when I would rent an apartment.

Simply being at college shows they had some sort of guidance along the way to push them to further their education and end up with a job good job someday. 

I'm thinking that these will hold value well as far as the eye can see:Vacation houses, the sort coveted by trophy-hunting buyers, which are on the waterfront or similar "prime" locations in the warmer climates.Starter homes in demand by Millennials, will be in demand for some time to come. 

I would like to keep the house as free and clear with some sort of HELOC so that I can sell it if I wish to as opposed to having it as part of a portfolio again.

The 5 unit to 60 unit complexes are sort of no mans land... crappy terms but not large enough to get the economies of scale investors want.

Has anyone had experience with this sort of arrangement?

It conjures up images of the American Depression where many people rented rooms in their homes in order to keep them.

I am new and will be in the market soon for my first investment this year and would like to know if being independent or actually forming an LLC of sorts would add credence to my endeavor.

@Ray Agosto I think we all have some sort of system, but I'm interested in what others contribute to this discussion that may be more seasoned than I am. 

One challenge to consider is that some cities are pretty slow so you'd have to sort out the holding cost of the land and fees to submit your rezoning plans to the city/county.