I am currently purchasing a home that will work great as a Rent By the Room. 8 bed and 6 baths in the DFW area.

Felt with R2R I purchased the property and a team.

The key to purchasing more real estate is by focusing on the fundamentals of the real estate.

@Mitch Davidson I purchased a property recently and closing in May.

Typically homes in-between tenants, or a new purchase with intent to have renters within 30 days this is allowed. 

Department of Housing and Urban Development (HUD) and Bankrate, the big perks of an FHA home loan are:Lower Down Payments: They typically require a smaller down payment than conventional loans, sometimes as low as 3.5% of the home’s purchase price.Lower Credit Score Requirements: They’re designed to help buyers with credit scores that might not qualify for conventional financing.

Maybe it isn't worth it, but you should consider the numbers and decide...that could push you towards purchasing another rental. - You mentioned paying down/off a rental and needing to consider the tax implication.

Purchase price: $90,000 Cash invested: $60,000 Buy and hold that I still have to this date.

Purchase price: $932,500 Cash invested: $450,000 20-unit building converting from LTR to fully furnished MTR/STR.

If it's a fixer upper you would account for the rehab and purchase price then compare against the ARV.