Renting out a 4 bedroom house to Friends

[Arthur Kim]

Hello and thank you for reading my post.

I am 22 years old and will be starting my first year of medical school at a University. Since I have a few more years of school left, I wanted to invest into property. This will help me put my rent money towards a house. Currently I am looking at a 4 bd, 1.5 bath house walking distance to the university. The price is 130k for the home. Taxes 4,200. Estimated renovation cost $40k. ARV is about 190-200k. I will be looking to convert the 1.5 bath into a full 2 bath. I can secure financing through family.

My friends are willing to pay anywhere from 450-500/ month per bedspace.  I will be renting out 3 bedrooms while keeping 1 for myself.

My question to you all is, 

1. will I be able to make money on this property while I am living there and paying off the mortgage?

2. Is it worth the investment both short term and long term? 

3. How will I legally rent out the bedrooms and deposit the money into my account.

Thank you for your insight