Please let me know the financial implications. 

But when you got $40k, $75k, $125k, you're not gonna become a financially free anything via buying index fund's and ETF's, your just not.

(Due to some financial issues with him in the past, I'm not willing to cosign for him)  Would a rental agreement with the roommates suffice? 

I’d love to learn from all of you, connect with like-minded people, and eventually achieve financial freedom together! 

CA has no financial capacity to fill that void, not a chance.

My end game is to show you a path to financial independence, whether that be at 45 yrs old or 70 yr old.  

I am a newbie in this realm and looking forward to learning all I can in this endeavor of becoming financially independent.

@Greg StrunakA good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant who specializes in real estate taxation, business taxation, financial planning and tax planning.You may want to consider working with your accountant remotely to expand your options.I would also recommend looking for a accountant willing to work with you throughout the year.

If you got diddly-squat for financial capacity, there is a lot of risk of something going bad during operation of the property.

It’s such a big leap of trust, and unfortunately, there are agents who don’t always live up to what you need in this process.An out-of-state investment can be daunting, and it’s so important to have someone in your corner who truly understands your financial goals and is committed to building a relationship beyond just getting to the closing table.