While the traditional approach involves buying a multi family property, living in one unit and renting out the other - with rising prices and interest rates; others have considered renting out bedrooms as unit spaces. 

Are they still collecting rent and taking money that way, or are they billing you? 

Quote from @Alecia Loveless: Something is better than nothing, but I would offer more like $250 or 1/4 of a month's rent.

Sounds like I can safely write them off only after I purchase the rental and start the renovations to ultimately rent it out.

It normally takes 5+ years of rent increases before you feel like you are doing ok. 

Is it a straight 1.5% on the monthly rent after 5 days ($23.25)? 

Buy a 4-5 bedroom house and rent bedrooms.

But some believe condos are riskier due to potential mismanagement of the community by the HOA.As an out of state buyer seeking a low risk/maintenance LTR, are there any glaring downsides to buying and renting out a condo? 

Hi,I am planning on a potential 1031 (very early stages) and would like to see what the reinvestment goal would be to maximize the befits of the 1031.property I would like to exchange purchase price $515,000sell price est: $725,000current principle balance: $350,700Interest rate 3.25Current Mortage is $2300 and it rents for $4000. 

Can you raise rents, reduce expenses, or change its use (e.g., short-term rental, mid-term rental)?