But what I would point out to you is that the typical fee for property management is 8-10% of GROSS rent.

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. 

Marketing, screening, collecting rent, unpaid rent, maintenance, capex, insurance, lawn care, vacancies, turnover costs, inspections, and so much more. 

Let's say $300k, you then agree to the purchase price but add your own terms (ex. 0% interest, 5% down, 16 years to pay back).This way, you're paying (example) $1,800/month but renting the property for $2,400/month and pocketing the difference.Anyone have success doing such a thing?

I was renting it for $300 a night and Evolve has been listing it for $120 or less.

It was high rent, low entry point area but within 6 months I dealt with an eviction and electrical issues.

LTRs with long term conventional financing and standard management aren't really cash flowing anywhere right now. sure, there are lower cost markets that look better on paper, but there are costs associated with those supposedly cheap markets as well - deferred maintenance, more challenging tenant base, higher cost turnovers as a percentage of the rent.2. i wouldn't pick a random market thousands of miles away based solely on statistics or numbers. 

Over the summer my wife and I bought our first condo with the idea of renting it out later on down the road and kicking off our investment journey.

I plan to live in the multi-family for a year then move out and rent the unit.

What the gurus do NOT tell you is they expect you to get a Class C S8 tenant to rent a Class D property.