We use it for rental as well when we're not there so there's income coming in. 

Hello - I am targeting to get the rental property in the Frisco, TX, area next spring (assuming it is the hottest time to sell?).

Property Summary:List Price: $230,000Estimated Monthly Gross Rental Income*: $3,400Estimated Monthly Operating Expenses**: $1,500Net Cash Flow: $1,919I have a business partner who may be interested in either a private lending of full equity arrangement, and I want to be sure that the deal is beneficial to him.

@Eric Einstein The only things that matter given your situation is equity, length of time you lived in the property, and the numbers as a rental.

Or would you recommend an out of state investment for now as my first rental? 

That area is fantastic Rodney from a rental perspective, very high demand. 

You are not a guarantor of weather, peoples' health and welfare, or unthinkable tragedies, just like the guest isn't responsible for the duties and obligations of owning a rental.

@Chelsea Yanc 1) Find a rental application & lease that complies with all state and local laws2) Figure out a screening process, including pulling credit reports.

The house was a classic grandma home so either a cosmetics job needed for a rental or a full gut for a flip.

Most of them are for less than $10 and can track 10-20 rentals.