One of the applicants is a Section 8 applicant in the state of California.(1) I want to be conscious when screening tenants, I am wondering should I have them all apply at once and play $40 for application fee, knowing that only 1 tenant would be able to stay?

My thought process is that this would be an equity play but am worried that I would be handcuffing myself for future investments.Option 2 House Hack with Partner: My friend/ potential partner is looking to do the same thing.

Estimate what market rents will be in 2-5 years and play with the numbers. 

I would think this would play a role in your vacancies and retention for tenants as long as they are screened correctly especially in south AL!

You could use that equity to buy way more proprety that spit out cash flow as opposed to a single family which is purely an equity play. 

Couple factors that come into play.

Access to utilities like water, electric, sewer, and internet plays a HUGE role in which strategy to choose.

I think the couple are playing games with me and will pay May's  as close to the end of the 30 days as possible and they basically will owe me again for another month for June.  

@Tyler Case - You could offer someone a promissory note or a debt play, e.g. someone brings the downpayment and renovation costs and you pay them a flat 10-12% interest on their money with the plan to refinance their funds out down the road.

this is extremely common late BK or reinstatement. happens all the time in court house steps deals to all of us that play in that sand box.