If you still want to rent out your other bedroom you can have a tenant in the opposite side AND a roommate which would give you two income streams.

You have to know your state landlord-tenant laws; they are on the internet:"In New Jersey, a landlord may need to give a 30-day notice to pay rent before eviction if the tenant has a history of late payments and the landlord accepts them.

It will depend on Lender if they take Rents from Appraisal (1025) or Rents from your existing Tenants.

I've been through situations like this.Hopefully the family pays rent and this becomes a non-issue.If they don't pay the rent, you need to be understanding and kind, but firm.  

Individuals are purchasing these properties, rehabbing them, and raising rents.

And the laws and regulations here are very different, not very strict like the states.Prices are high and rents are low over here.

Sometimes I see properties currently for rent lower than those 3 services. 

When an individual landlord prices their rental, they do based on what the other ones in the neighborhood have rented for. 

Rent-to-Price (RTP) Ratio: I’ve been looking for properties with an RTP ratio of 0.60 or higher.

My biggest question is this: do you think I should continue to rent for now and prioritize tackling loans?