Calculating potential rental cash flow involves considering factors such as property taxes, maintenance costs, and potential rental income.Consultation with a local real estate expert can provide insights into market trends and help you navigate the specifics of converting your home to a rental property.Additionally, understanding the current market value of your property will contribute to a more accurate assessment of potential equity gains in the future.Hope this helps!

Understanding the potential value of your property you can then start researching the potential for doing a HELOC & know how much you can pull out of the property to support the strategy of purchasing another home for either a flip or a rental4.

This can take time, but it is really helpful to better understand the long term costs of your investment. 

I understand your logic related to the property not being in the LLC, but it still serve a purpose.   

THAT is what you do not understand.

Firstly, understand the lay of the land by checking local zoning regulations, assessing available utilities, and conducting thorough market research.

I understand the tourism-growth phenomena well, having lived in Florida and now outside Aspen.

This person would essentially be instrumental in putting the entire deal together.Given the significant role this individual would play, I'm curious about how their involvement is typically reflected in the closing documents, if at all.

She used a conventional loan for the purchase.We soon will buy a new home but, since we are married this time around both our names will go on that property and we will use conventional again which makes it look like I already purchased a home before.I am wondering if I can still use a FHA since I never used it before & yes I do understand the regulations that I have to live there for up to a year before I can fully rent out the property which will most likely be used for a duplex.  

Ideally you (the lender) would be a passive partner in the company, take a percentage of the net profit from each deal, and not be involved in the day to day operations.