You will probably need to do that for 6-12 months before getting a multi family property (though there are always creative alternatives).

If you have the funds to buy that house and put down $200k+ you have a lot of options that I would consider to be safer investments.Something along the lines of the worst house on the best street in the best neighborhood you can afford would be a smarter choice, but it comes with a lot of work that you don't have here. 

., on picking your best governance element choices available under NRS 86 for the entity formation documents - and - what kinds of advice have they seen such an entity needing as it operates throughout its lifetime / and what has their success rate been with REI clients and their entities during the operating phase of the biz.Good hunting for these start-up and operating Power Team members!

College choice will impact the cost more than anything.  

It all comes down to life style choices.

@Jackie BothamWe always recommend investors go the conventional route before going with an alternative or portfolio lender (that's what we are).  

I will seek alternatives for PM.

So far I have only used the free 20 stop version.A strong, and cheaper, alternative looks to be Road Warrior ( https://www.roadwarriorllc.com/ ).

State Farm will not do an umbrella policy because My father and I will both be on the loan/title (thinking of alternative ways to do this, advice would be great.) and they think it is too much exposure. 

For anything nicer, custom built or Lowe's are good choices.