Are there any particular management practices or tools that have proven effective for rent-by-the-room setups?

I have about 25000 saved up and I'm living at home for free how much of that should I spend on a property or save.How does someone truly manage a property "effectively" from a distance? 

I think I need to hear more about the law before and the law as it would go into effect and make sure I'm not misreading something. 

You just have to make sure once you vacate your primary and converting into a rental, how would your DTI (debt to income ratio) be effected.

We saw an 85% increase in our premium this year and because of this, we are choosing to go with the highest deductible we feel can live, effectively choosing for catastrophic purposes only.

We manage almost 700 doors in Metro Detroit market, 92 are S8, so we are very familiar with the program.We've got some great S8 tenants, but also some not-so-great ones that abuse the program.PM us if you'd like to discuss the reality of using S8 effectively...

I have about 25000 saved up and I'm living at home for free how much of that should I spend on a property or save.How does someone truly manage a property "effectively" from a distance?

I do feel the right thing to do here is to change the design, apologize for using it, and innovate design/style on your end Keith/Andy so it's so darn effective everyone wants to copy it :-). 

I'm looking for insights and best practices from fellow lenders and financial professionals on how to effectively manage borrower relationships.

If so, you could look more for turnkey properties and focus on learning to manage them effectively.