If rent is $1500 and the monthly fee is 8%, that equals $120/month income.

Thank you all for your help.This is a great forum.I'm sure I'm not the only person in this situation; and equally confident there is plenty of incorrect information and confusion about this out there.Thank you again!

High occupancy does not equal the highest and best use of that unit depending on your nightly rate. 

Analyzing a current property listed for 39,500.ARV x .7 - rehab cost= my max offerARV is looking at 60,000.Rehab is looking  around 10,000.70% of ARV is 42,000, minus 10,000 for rehab, equals max offer of 32,000.I do my best to underestimate ARV and under estimate refinance LTV, this could cut into number of deals acquired but reduces risk of over estimating and having money tied up in the property.

Renting out by the room can be tricky, but remember that your utilities will be used up a lot more the more people you have in the place -especially your water bill.I would have it in place that utilities are split equally between all tenants.

Part of the problem you are experiencing is due to the number of units-more units equals more work. 

Real estate by definition is speculative for the most part but value usually increases over time all things being equal (Absent cataclysmic events). 

Regardless, it'll be vital to build your core-4 if you plan to invest out of state, I'd recommend reading this article by David Greene: https://www.biggerpockets.com/blog/core-four-real-estate-tea... 

I know not all title companies are created equal and that few will close on a deal at a certain price point or do what's necessary to clear title on messy title deals.

So if we put in, for example, $50,000 on renovations ($25,000 each) and sweat equity equaled to $100,000 then we would both have created $50,000 worth of value, each.