If not, you would basically be having to share your house with any prospective guests on Airbnb or similar sites.

In talking to some conventional lenders, they are not interested in something like this as they wont be having 1st position. 

Since you will be having a steady income, you can choose to go in multiple directions.

And that is what we agreed upon in the beginning...but claims to be having issues with it because of his cell phone number, blah blah blah.

You also have the right idea about parent's usually paying their kids rent which means automatic money for you, however there is also a great chance that the college kids will beat the place up since mom and dad aren't there to tell them to behave.  

I am really into BRRRR method, but it seems like Seattle's home prices are too high to be having any cash-flow from this method.

.- Craigslist ads (hit up landlords trying to rent or FSBO)- FSBO sites- Zillow (rentals and FSBO)- Local rehabbers that may be having trouble selling. - Network with real estate agents that may have a listing that is about to expire.

Doing this will give you a sense of how other bidders behave in the auction and of where your strike price compares with the final sale price. 

We should be have enough spread from the purchase price, renovations and ARV, that we'll be able to pull out all of the initial capital on the re-finance depending on how the appraisals are going in a softer Calgary market See below for the numbers,Purhase  Price - 360k      Down Payment - 72k     Closing - 2k    Reno's - 120k  Holding Costs - 6k  LOC Debt Service 4kTotal Initial Investment and Holding costs - 204kARV - 520k to 560k    Main Floor Rent - $1500    Basement Suite Rent - $1200   Garage Rent - $1000Total Monthly Income - $3700Monthly Exp - Mort pymt - $1250   Prop Tax - $190    Ins

Is there hope though for newbies who would love to be having the success you are someday?