They will likely count your potential rent as part of their analysis and should give you a good idea of how much you could "buy" based on your situation.

Basically if there is no "living room" and there are no comparable properties with similar square footage and bed/bath count in your area the property becomes difficult to comp or sell and lenders will not be able to use it as collateral for a loan Excellent point.

I understand this is a big problem in all inner cities in America.. had it happen to us to many times to count. 

The appraiser didn’t count them as bedrooms. lol.

I am also counting on a few 55+ seniors selling their homes to escape the city (Austin, Houston, Dallas) for a more affordable community where their retirement savings will go further and where they can connect with other seniors. 

First of all, I was told I can count the money I spent on the course as startup costs for my business and deduct that from my taxes and PCS told me start up previsions are 100% deductible.

Go on Zillow, type in your zip code and the bed/bath count, and see what is currently for rent.

They are generous on the values so sometime my actual cash out of pocket is less than 15%, for example, I pay 102K for a house that appraises for 108K, the extra 6K they count towards my down payment so I get a mortgage for 91,800 because that's 85% of 108K and I write a check for about 10K.

I currently have 3 partners that I can count on if I find something that makes sense for both of us, or in some cases, all of us.

However, if you have a solid mulit family unit, you can have higher overall rent due to your unit count.