I reached out to a  family member to discover what their process was for closing (regular home, not investment ) and they mentioned that even though they use the title company they actually had used an attorney as well.

Do I need to contact a securities attorney and create some kind of real estate fund, or can this be done with a regular business or real estate attorney? 

The benefit of going this route is the loan will be much less expensive than the FHA loan in the future and many allow you to get rid of the PMI after you reach 20% LTV on your property.Good luck on your search and let me know if you have any questions.

For a starter property, house hacking is always one of the first recommended routes used on BP.

I had shared vents in a unit years ago and tenants complained regularly.

I would think about either partnering with someone to guarantee the loan (if buying off the mls), or saving up more if you want to do the hard money route.

I know that a lot of owners operate Airbnb illegally in our area (number or registered STRs is lower than actual available STRs), but I’m not looking to go that route and that’s why I’m wondering what other strategies may be used.

I am going to guess you are unable to get traditional financing, which is why you are going the hard money route. 

My thinking is that you will have a smaller down payment requirement (3.5 -5%) if you go that route, and you are growing equity on a home that is worth more in the long run.

Richmond has a host of traveling nurses due to the number of hospitals, so you can consider that route as well for short-term rentals in an extra room.Shoot me a message and we can find a time to talk if you're interested!