Why not look at "flipping" your primary residence and sell it rather than rent it? 

While I am not banking on it I do think with inflation will come rent increases that will help hedge against it. 

Hello, I am located in West Lafayette not indy.

You’ll put 5% down but get 2% back on sale (which might pay for your closing costs) and then do a rent by the room to cover your expenses and downpayment for next year) Not sure which university you are at but both Henrietta and South Wedge are solid places to start (serving RIT and UR respectively) Good luck, I personally think Rochester is a great area to start due to constrained supply with a growing population

My question is, for those that are familiar with Rent Redi, are the instructions to confusing for most people to follow and fill out the prequalification form and I should simplify the process, or should I consider the instructions of the prequalification form a way to weed people out and if someone isn't willing to follow through with those steps I should consider that in the type of tenant they well be?

The entire teachings had gone from Nickersons conservative but a cash flowing small residential property, hopefully for 10 -15% below market, do immediate repairs, then slowly over time improve the property and raise rents, either refi cash out or trade tax free for a larger property.

Start researching price to rent ratios in areas and see which area has the best combination of cash flow/place you want to live!

I understood that rent prices are decreasing.

Quote from @John McPherson: Looking for tips on the best way to sell my Rented Homes in 1 transaction .

Keeping 8 percent on security deposit would probably be ok because it is actually rent because tenants did not pay.