Some of the folks that I've received inquiries from are VERY far from meeting criteria - income, credit score or both.And @Matthew Becker, I lived in Moscow in the early 90s - went to UofI for undergrad! 

Have you considered other starting strategies like house hacking or live-in flips?

Fannie Mae has a requirement that if you want to use the rental income from the non occupied units, that you MUST have a current housing expense which means you cannot live rent free.

So I'm always able to offer a lower rate and make a decent living without charging points.

Getting right to the purpose of my post, with all the relevant context: I’m 52 and living near Seattle.

Quote from @Devin Slone: I live in Huntington and was looking for local meetups to go to and I just stumbled upon this post!

I am living at home still, so I don't have any expenses, but what should be the next step I should take?

I live in the city and have a freakish map of it in my head that my wife is still shocked by when she gives me an address ("2100 block of _______Ave.?"

I’ve been around real estate for decades, and I read in The Economist once that in lively markets like Charlotte, folks will pay a premium for a comfortable room if you’re near major employers.A friend of mine tried something similar out in Austin a while back.. he’d inherited a 4-bedroom property and split it into individual room rentals.

There are some exceptions, but the HOA dues normally kill your returns and there are all kinds of other issues having tenants living close together.