And we have a chronic housing shortage, so finding renters (or buyers) is n ever a problem. 

If that is the case then that is considered cost of doing business and I would advise that should be calculated in your costs/returns you provide to the investor.IF you are referring to the investor who is the borrower - then I would have included that cost in the loan agreement.

The interest that is paid is the investment interest expense.Any interest accrued from investment that will produce income or that will appreciate is able to be included in this tax deduction.

The typical clients that seek out cost segregation studies include:Real estate companies that buy and sell multiple properties each year.Individuals with a portfolio containing investment properties including apartment buildings, multi-family homes and even single residences.Franchise owners with properties that are similar to one another such as assisted living facilities, storage facilities and golf courses.Business owners of hotels, food facilities, shopping centers, restaurants or manufacturing plants.It depends on the type of property, but generally 15-45% of the building’s costs can be classified into assets with a shorter life.

Are there any specific clauses I should include in a room-by-room lease for a shared living space?

@Mark Ross  don't include heat in rent on an ongoing basis. 

I’ve been a licensed CPA for over 25 years, serving clients across a wide range of industries, including real estate, healthcare, construction, restaurants, private equity, and more.

The risk is not including due diligence caveats in your offer, like inspections.   

Here's factors to consider:Key Considerations:Market Analysis: Thoroughly research the Cleveland real estate market, including rental demand, vacancy rates, and average rental prices.Financial Situation: Evaluate your financial resources, including available cash, credit score, and debt-to-income ratio.Investment Goals: Determine your long-term investment goals, such as capital appreciation, cash flow generation, or a combination of both.Risk Tolerance: Assess your risk tolerance and consider the potential risks associated with owning investment property, such as market downturns and unexpected expenses.To make an informed decision, I recommend consulting with a financial advisor and a real estate professional who can provide personalized guidance based on your specific circumstances.

My suggestion is to build a spreadsheet and include the net cash flow to you for every month of the deal, then use the IRR function to figure out your return.