In my experience, when you rent by the room with shared common spaces, you end up with lower quality tenants and higher vacancy in the long run.

Hi Mary, not sure on Texas rules, I’m a HI lender and a second is very common with the assumables.

It's fairly common something has to give in this, we don't usually get all 3 to be ideal.

It's pretty common to find 2x more rental units available than homes for sale.   

Common fees will include a set-up fee, a leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

I would mitigate through trial and error and as much common sense as possible. 

I'm getting ready to tackle my very first BRRRR and I wanted to see if the community could share some common mistakes to avoid?

This is actually the more common situation, in my experience.After signing but before the deed was recorded, the seller got scared that the buyer was a fraud, was not going to pay the mortgage and was simply going to rip the rents (as @Jay Hinrichs likes to say) and torpedoed his own deal by alerting the lender of the transfer!

Is 20 year ground contact lumber common?

@Femi Ibrahim unfortunately stories like yours will only get more common in the next couple years.