Do you have a complex tax situation or are you looking at a liability protection strategy?

If so, how will you be able to effectively manage and protect the property?  

You need to study your state landlord tenant regulations before you enter into this business to protect yourself and your tenants.

To give them 100% protection file a mortgage and note 1st lien position.

Both people are not a protected minority or a family status.  

A landlord is required to make reasonable accommodations to a protected class of applicants, but a landlord is not required to pay for those.

I didn't spend enough time to study here, so much information too .Now, first, I want to learn assets protection.

See following for a list of lenders. https://www.biggerpockets.com/blogs/3441/51027-nonrecourse-loan-debt-for-self-directed-solo-401k-investmentAnd following are the similarities and differences between the solo 401k and the self-directed IRA.The Self-Directed IRA and Solo 401k Similarities Both were created by congress for individuals to save for retirement;Both may be invested in alternative investments such as real estate, precious metals tax liens, promissory notes, private company shares, and stocks and mutual funds, to name a few;Both allow for Roth contributions;Both are subject to prohibited transaction rules;Both are subject to federal taxes at time of distribution;Both allow for checkbook control for placing alternative investments;Both may be invested in annuities;Both are protected from creditors;Both allow for nondeductible contributions;Both are prohibited from investing in assets listed under I.R.C. 408(m); andNeither may be invested in your own business. 

Of course, you will also have to put the Seller on your property insurance policy as a co-payee to protect his interest in the property.I hope this helps you.Good Luck.Michael Lantrip 

Yeah, this is exactly the sort of thing that the rent laws are trying to protect against.