Try to narrow down your options to the top 3-4.

I have been able to find a couple of options for this setup though, they just require separate leases for each room and sometimes 2-3 months of rental receipts as well. 

Looks like you’re in Hong Kong based on your tag line.  

It’s a great option if you want simplicity and rewards.

I've seen some options recently for credit reporting for your tenants rent payments.

@Adam M.The cost for a real estate tax accountant will vary based on location, experience, education and other factors, just like any other professional.

The overall LTV (including all 3 mortgages) will be key and your selling point will need to be that the 2nd mortgage ($8k) will burn off in 2.5 years (based on your surprise that it was even out there, I'd recommend that you follow up in 2.5 years and ensure that it's been satisified, so that it doesn't surprise you again in the future).Does the $8k grant vest over the 5 years? 

Based on the numbers and my strategy, do you think this is a good investment for my first property?

One option I haven't noticed being mentioned is to auction it.

You can tell that the lender isn't granting this extension under the provisions of the loan's 1-year extension options.