I have two friends who own rental properties and they are successful with their properties, I read Rich Dad Poor Dad twice along with Rental Property Investing and Power of Habit, I've been told by multiple people apart of the Baby Boomer and Generation X that they wish they invested in Real Estate at my age, I was a Resident Advisor at my University and I enjoyed that role so some of the skills are transferrable, and lastly this is the best time for me to take a risk.

If they plan to house 10+ people at a time (multiple beds per bedrooms) then this will lead to more wear and tear on your home4. 

IRA becomes the 100% owner of an LLC, or potentially multi-member LLC with multiple money sources, and the account owner of the IRA is the manager of the IRA owned LLC.

And, because you will hold the property for many years, you will need multiple reliable tenants.Reliable tenants are the exception, not the norm.

Therefore, you could say something like "taxes aren't based on your cash flow," but if I were making such as statement, it would be more like "taxes aren't DIRECTLY based on your cash flow" because that better captures the spirit.You have multiple sets of numbers: 1) [actual] cash flow, 2) net income, and since you mentioned running numbers 3) pro forma numbers (i.e., projected/estimated cash flow). 

Here’s how you might handle each of these questions when working with multiple brokers:1.

If you're still living in it, you can rent it out by the room to multiple individuals or even as a live-in STR depending on your risk tolerance & city ordinances. 

At the same time, talk to multiple lawyers in your area--your area--that specialize in evictions and are in that court room ---your specific areas court room--all the time. 

@Kitty Walker- As an investor, I've refinanced multiple Padsplits and co-living properties (where we go direct to tenant without Padsplit), and I generally agree with your last statement, with some caveats:- if the renovation is done well, the appraiser may not even say anything that would indicate it is an "abnormal" SFR (has happened multiple times with me)-the investor may be wise not to make the house crazy- just leave a nice open living room, put double doors on the dining room so it can function as a bedroom now but be easy to convert later, etc.  

If you have multiple properties where you can do this, you can finance a very nice lifestyle and still retain the underlying assets.Just curious the groups' thoughts on this?