I agree that you need to set yourself apart from the competition and also have a product that can help win over a skeptical parent if they think the price is too much before seeing the house.

Once the foundation is stabilized, make sure it is weather tight.

Maybe get settled in a rental for a year for the stability while you look for the right home or investment.

In our opinion, this doesn’t result in a viable income amount or analyze income stability.

I want to slow my life down a bit and enjoy the fruits of my labors (I had cancer a few years ago and I acknowledge my time to enjoy life is finite).It occurred to me that I should just cash-out refinance my properties that are fully stabilized and that have significant equity, but that can also easily support the new debt incurred. 

Anyone investing in a product new to them is never going to have perfect knowledge going in; extensive knowledge is accumulated over time, and, well, if you wait for perfect knowledge you’ll never invest.  

Rent by the room gives you the opportunity to get more renters to cover the mortgage, making it easier to stabilize the asset.

I'd find a mortgage broker who understands your strategy well enough to advise on products designed to help you scale. 

If the numbers work, why take a chance on a product that has a balloon payment?

After stabilizing the property and confirming its strong rental performance, I refinanced it into a long-term loan.