Should I start a rooming house??

[Marrio Barnes]

Hello BP members,

I  have been wrestling  with the idea for the last few months on if I should make my next property a rooming house in Milwaukee, WI.

Before everyone just screams a collective "hell no!", let me tell you my thought process. 

1. I have been a property manager for over 15 years and my speciality is low income housing and inner city management, so I am very familiar with the issues that landlords face (drugs,crime, and the like).

2. There is a definite need of good rooming houses in Milwaukee.  I visited a few of them for research and I was shocked by the living conditions of the properties and the screaming neglect of the owners.

3. The cash flow would be 2-3 times more than a typical rental, but then the property would require more management to run properly.

4. I have researched local ordinances regarding rooming houses so I won't break any laws and I will run it past my lawyer before starting one.

I am primarily looking for advice from other BP members who have rooming houses to see what processes and systems they have in place to run a quality rooming house.

Thanks in advance.