Looking to Buy and Rent Out Extra Rooms - Beginner

[Eric Fox]

Hello all, I am a 23 year old professional in Houston, TX. With the market a bit low now and rates so extremely low, I feel I should take the opportunity to buy a nice 3 bedroom town house and live in one room and rent the other two out.

For the first year I already have 2 friends that want to live there and will easily pay the mortgage, taxes, etc each month, meaning I can live for free and be getting a house paid off. This seems like a no brainer to me.

However, there are some things I might be missing...please ask any questions you have or let me in on any information I might need.

I have a good steady job, but I want more income than it generates and have always seen myself as the kind of person that will make much more money on the side than I ever make at my actual job.

Do you have any recommendations for me? I am planning to read "Investing in Real Estate 3E", "The ABC's of Real Estate Investing:...", and "The beginners Guide to Real Estate Investing 2E". When I get into something...I really get into it and it begins to consume my life ha.