Air Bnb the other side while you and your friend live in one side so you live free, and after a year you can make both sides medium term rentals and buy something else. 

(Light rehab 30$/Sqft, medium rehab 40$/Sqft, heavy rehab 50-60$/sqft)  

Medium sized flipper here out of Minneapolis doing between 40-50 deals per year.

Long/medium/short term rental?

Thats the challenge, you want leads that others DONTIf you can leverage outside marketing mediums to reach these folks, it will really help boost your mailers performance.

You can still get cash flow here and you can do all 3 major strategies (short, medium, long term rentals) as well as BRRRR's and flips. 

The window must have a net clear openable area of 5.7 square feet (5.0 square feet if ground floor), a minimum openable height of 24 inches, a minimum openable width of 20 inches, and the bottom of the opening must be within 44 inches of the floor.Size: The room must be at least 70 square feet, and no less than 7 feet in any horizontal dimension.Lighting & Ventilation: A natural light source (window) of not less than 8% of the floor area and natural ventilation (openable window/door) of at least 4% of the floor area are required.Heating: The bedroom must have heating capable of maintaining a minimum room temperature of 68°F.Smoke Detector: A smoke detector is required in each sleeping room.While a closet is expected in most bedrooms, the International Residential Code does not actually require a bedroom to have a closet.

I think the medium term rental strategy would work well here.

Hello BiggerPockets Community,I'm a newbie landlord I've decided to offer my property as a medium-term rental (typically 1 to 6 months).

We are local to Waco and specialize in small to medium sized remodels and maintenance on rental properties.