@Nick S. it sounds like this property isn't close enough for you to self-manage.

Go ahead and state who you're working with, this sounds eerily similar to something we've heard on this forums over & over.Below is Josh's link. 

And that may sound undoable but those deals are out there on mls if you make enough offers.  

Good luck—it sounds like a great opportunity!

The headache of playing peacemaker between 3-5 unrelated tenants doesn't sound worth the premium management fee; not to mention rent by room generally brings in lower quality tenants which require significant more management.With that said, higher rates are pushing investors toward rent by room simply because it's the only option for cash flow (at least in Denver) which is why I have so many folks reaching out.If you currently have rent by room investments or perhaps you're a PM currently offering rent by room, I'd love to hear your feedback and any advice you may have. 

It sounds super similar to RentalHero, but I feel like the interface on RentalHero is pretty dated.

It sounds like you're looking to balance immediate cash flow with long-term equity growth, which is a solid strategy.A few ideas to consider:Local Networking: Connect with other investors in your area or in Milwaukee who might have deals they can't take on themselves.

And keep in mind that the rate on the 2nd lien will likely be 10-12% so depending on the cash flow it might not actually yield that much cash to you at closingMore importantly, it's just more debt so ultimately it sounds like you need an income-producing event to actually improve your situation and avoid some of the consequences that you mentioned

Definitely what I was thinking and sounds like it can be done. 5.25-% rate on a 1.2$ house is definitely more appealing and opens doors up as opposed to 6.7+ rates.  

As @Nicholas L. said, it sounds like you are doing a BRRRR.