Hey Joanne, you’re definitely onto something with room rentals.. it can be an excellent strategy for offsetting a hefty mortgage and, in some cases, bringing in higher total rent than a single lease.

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.

If you want to be mentored your best bet is to go work for a company - most CRE is not a single individual and CRE is fast moving and things happen fast and you can't structure a "follow me to learn" without working for someone 

I currently work with investors in the states and out of the states to build a portfolio in Turn-Key, Single-family long-term rentals.

Suggest you do the same (even if they are two page documents).

Here’s why selling your primary residence to your LLC and then renting it back isn’t a good idea from a tax perspective:Self-Dealing Doesn’t WorkFor tax purposes, a single-member LLC is considered the same as you, so paying rent to your own LLC is basically just paying yourself.

I have pulled a permit for removing a fireplace, but probably would not have but I had a significant remodel going with permits and did not want hassle of him making an issue of removing the fireplace (the inspection for fireplace removal consisted of only verifying gas cap was in visible location, he did not even spray it).

Always be weary of the 3-4 unit buildings that were built as a single family and then concocted into multifamily.

My client recently purchased a 3/2 single family house for $160k that was near turnkey and already rented at $1900/month and in a very desirable residential neighborhood!

Are you going to live there also, or do you want to operate a shared housing model in a single-family home with tenants?