Sounds like we employ nearly identical strategies.

I'm self employed and not showing much income on my taxes.

The huge amount of logistics employment here is a huge driver to a stable rental community that a lot of investors have been turned on to.

Also most people employed, so even if it is a struggle they can still pay the bills.

If you can qualify with your income, DTI and employment history, conventional may offer better terms.

Read it and employ it.The only thing I'd really hammer home is understand and study the market you want to get into-- meaning visit it multiple times, know the streets, get a healthy understanding.

Were incomes and employment verified?  

Rent out to roommates so I employ the "rent by the room" essentially.Pros:insane cash flowif your room offer is much better value than other places to live, tenants will stay awhilea small community can be built when your tenants become friends with eachothernever ending supply of tenants (at least in my area)Cons:CAN BE management intensiveWILL BE management intensive until you gain experience and know how to manageIf you employ this strategy, the BIGGEST risk/liability mitigator is being VERY clear from the start about your expectations and that you will evict if new tenant doesn't follow your rules.With my setup - I furnish the rooms and have all utilities covered. 

We fee like a conservative approach will let us go through the growing pains of better understanding real estate investing without the worry of being over leveraged to add to the stress while we are both still employed full time in our careers and do not plan on quitting our jobs to go fully into real estate. 

Conventional at 5% down would cap you at 3% concessions, but generally is more lenient with employment history and property condition.