FHA definition of  a family member is defined as follows, regardless of actual or perceived sexual orientation, gender identity, or legal marital status:• child, parent, or grandparent;o a child is defined as a son, stepson, daughter, or stepdaughter;o a parent or grandparent includes a step-parent/grandparent or fosterparent/grandparent;• spouse or domestic partner;• legally adopted son or daughter, including a child who is placed with the Borrower by anauthorized agency for legal adoption;• foster child;• brother, stepbrother;• sister, stepsister;• uncle;• aunt; or• son-in-law, daughter-in-law, father-in-law, mother-in-law, brother-in-law, or sister-in-lawof the BorrowerTwo that relative is equally obligated with you on that loan.

I am very new to real estate investing, but I want to start out on the right foot.

The details are as follows:Property is a 1500 sq foot duplex here in Louisville (40217 zip code) that needs pretty serious renovation (finish hardwood floors, new kitchens, bathrooms, new paint, windows)  Mechanicals are good and do not need replacing. 

Someone doing that at a decent price will be in the $8-10 per linear foot range. 

The cost of a private school for high school can exceed $15,000 per child per year.

Additionally, I want to be able to have the choice to stop trading my time for money as I get older, we had our first child when I was 16, and we just had our last a few months ago, by 45 we'll have an empty house and I want to have the freedom/option to just live.I like BRRRR because it just seems to make technical sense, as a very effective tool to leverage, and because I have quite a bit of W2 cash flow to work with I can stand the risk in the short term for the benefit of a higher return. 

I'm trying to get my books started on the right foot and while I have a pretty good understanding of how to set up my Chart of Accounts and get things categorized, I'm a bit confused as to how I account for the initial cash that I used to purchase the property and pay for the renovations.I opened a new bank account, sold some other investments, and transferred the proceeds of those sales into the new bank account.

I’m just getting started into real estate and looking for a good way to get my foot into the door and make sure my lender gets paid back and I make money as well.

I was wondering If you guys knew a good lawyer and a CPA to help me get started on the right foot.

The cost will vary depending on the clearing that needs to be done, size and specs per zoning requirements but could run anywhere from $5-$20 a linear foot.