The money you make on renting-by-the-room could go towards paying down the principal....OR.....you could put that money into hyper-growth mode by investing it into say, an ETF.....regardless of which path you choose, you will soon have paid-down the principal and have that 20% equity that is needed to eliminate the PMI. 

I use a strategy that does not give me a lot of cash flow every month but gives me large liquidity events when I choose to have them.

I was told some song and dance. 

Yes each has their strengths and weaknesses, but that doesn't mean you can just pick and choose and expect it to be OK.The strength and weaknesses of each of these strategies absolutely are not proportional.The weaknesses of these bad strategies are ABSOLUTELY HORRIBLE, on a completely different level.

@Zeke Nickie So far the only two times I’ve crashed and burned in real estate has been when I’ve been involved with a partner so just be super careful if this is the path you choose to pursue.

The areas you choose to invest in, are of course very important. 

Many investors from California, are choosing to invest in the midwest because of the yearly returns making more sense in these lower priced markets.

Given the flexibility of our jobs, which offers nationwide opportunities, we have the privilege of choosing our permanent address anywhere in the country while remaining compliant with IRS regulations regarding tax homes.Initially, our aim was to purchase property in the Portsmouth, Durham, or Salem areas of New Hampshire.

My only problem was that the longest repayment period you can choose is only 60 months, which means that your monthly payments on a 40-50k loan is probably in the $700-$1000 range per month. 

You can choose not to purchase the house if the seller refuses to reduce the asking price and you are concerned about the square footage.