double check your outlay of costs on arbitrage. you may not be paying to buy a property, but you will have to furnish it, carry insurance, and pay the owner their money too. and at the end of the day, the owner can stop your "business" and take it off the market or sell it at any time. 

I probably wouldn't trust many of them and I'm still double checking what those who trust tell me.b.

The first being - don't bring your friends or family into the mix :)Since it sounds like you're pretty solidified in your friend moving in, and it could be a good first roomie, so just to get your feet wet... i'll double down on Laura's advice - do a lease, for the legalities, but i also highly recommend some sort of written (we call it a) Room Mate Agreement.

Their main sales pitch is that they will teach you how to make more money by charging your investors double the industry average acquisition fee.  

Double check to see if that works.

For example, I am a little concerned about some aspects of the business cycle recovery and a potential for a double-dip so I lean toward the safest part of capital stack which is debt (or low-debt equity).

Credit card debt can be a double edge sword because after the zero interest teaser rate runs out, you really have problems.

If you do it right, it’s arguably the best market to invest.Purchase: $80k-$130kRent: $1100-$1500 (no rent control in MI)1% rule: .9%-1.4% rule dealsCoc ROI: 5-12%Total ROI: 20-40%Cash flow: $50-$250/door (after all expenses and budgeting for maint, capex, vacancy)Appreciation: 3-10%+ (has been double digit for a decade)Location: C+, B-These numbers are based on the “sweet spot” in Metro Detroit.

I only have one deal under my belt so far which was a double-wide house flip.

Doesn’t matter how you do it, but that’s gonna be the best way.Even if your income doubled you have run into DTI issues