I dont think its income govmit is regulating .. its tenant/owner relationships and rules and regs related to tenancy. there is rent control though in some markets so that has been around for a very long time in places like NYC and Berkley SF etc.

Detail below:  Qualified amounts paid as principal or interest on a qualified education loan (as defined in Code Sec. 221(d), of the designated beneficiary or a sibling of the designated beneficiary.11 A “sibling” means an individual who bears a relationship to the designated beneficiary that's described in Code Sec. 152(d)(2)(B) (i.e., a brother, sister, stepbrother, or stepsister) This rule allows a student loan distribution to be made from a QTP account to a sibling of the account's designated beneficiary without changing the designated beneficiary.

If you have a personal relationship with the GP and know them well you may want to reconsider, but an average Joe from the street it's imperative.

We have a great book keeper that tracks all expenses and income; we have an amazing CPA that helps us with Cost Segregations; we have a very good banking relationship with our bank and I handle all the legal work and tenant issues if there is a need for evictions. 

Building a relationship with the bank is more important.

It will hone my skills with finding deals and building long lasting relationships.

He mentioned that he would be responsible for all construction and lining up tenants(he already lined up a major national tenant and he has relationships with a few regional ones). 

@Jacob HumistonAs long as it won't cause any issues in your relationship, would be a good idea to rent out the other bedroom as well which I can only assume would being in an additional $550-$650 per month depending on the area, amenities etc.

@Calin Segarceanu My best advice is to:1) Find an insurance broker who is licensed in all 50 states2) Narrow those insurance brokers down to who has a person who specializes in working with investors3) Create a relationship with that person/brokerage to maximize your portfolio efficiency and minimize the amount of time you have to worry about insurance during an acquisition.Feel free to message me for more suggestions!

Detroiters are all about relationships and understanding the motives of an outsider.