And what about monthly payments: are they simply classified as a lease expense, or is there some funny business due to the split between principal and interest since we are essentially decreasing our final purchase price with each month paid?

I am not scared to take risks as I am still pretty young (24)My ultimate goal is to have 10 of these by the time I'm 30 and then start paying off Principal 1 by 1 over the next few years (While still working my w2).

As long as the loan principal is paid in full?

If you can put together a first deal at your age that you are house hacking and paying equal or less to own as you would to rent, paying down principal and starting to build equity even without appreciation, and get some depreciation to offset tax liability on income you do make..... at 20 years old, you are WAY ahead of 99% of people your age!!

I agree with marcus, keep it very simple. you could have a loan from him that pays him principal and interest or interest only. you can also have a side letter agreement that you will give him X percentage of profits from the sale. 

Definitions:Goal- A time bound broad general outcomeObjective- A specific measurable outcome that supports a goal Strategy- A broad plan for achieving an objective (and the goal it supports)Tactic- A action used to implement a strategyPolicy- A guideline for making decisions: who does what and why, a principal of action ensures consistency and compliance with goalsProcess- A series of actions to achieve an end (who, what, when)Procedure- step-by-step directions for accomplishing a particular action

The only way to remove the PMI in the first 2 years is direct payments to the principal, or capital expenditures that would increase the value of my house, based on the price at the TIME OF MY REFINANCE.

What they don't advertize is the fact that the principal increases over time, whereby the real interest rate is closer to 20%!

When you move into DSCR loans, you are looking at 20% or more down, and you can use all of the projected income to qualify however it will need to cover its expenses, so principal, interest, taxes, insurance, and HOA or property management fees it may have.

You will then get 100% of the appreciation, tax benefits, loan principal buy down and cashflow.