By contrast, don't call me if you're fee sensitive for loan amounts below $100k, I'd be paying to do the loan if I ate the fees.

My thoughts--it's tough enough dealing with tenants; when you have to deal with housemates, you become a landlord, a mediator, and a detective.Why not just let the original renter (the one in the master bedroom) sign the lease for $1,200 and let HIM get a house mate and let THEM deal with the issues of "who ate my yogurt?" 

Spend a day looking ate their respective deeds, subdivision plats, and tax assessor maps and you'll get the hang of it.

The is no need for phrases like if a then b except for c unless you make more then x, have less then 3 dependents and ate red meat on Thursday.

if the plumbing to the units are separate, why wouldnt you just have the water utility install a separate meter, I have done this, the downside is each meter has a base charge, but the tenant pays the utility anyway, or my property manager does and bills it back to the tenant. all the lumber needs to do is locate the piping to each unit, install a Tee where the water comes in and install 2 sets of meter horns, and then needed lines to each units supply, I installed a set up like this a couple months ago on a duplex, took me about an hour and $100 in parts.  

I came up with an estimate of how much we put into it by adding the mortgage payments we made as well as the negative cash flow we ate for a few years.

I have been following it to a tee for years now.

So in my real life example, the SDIRA investment with it's free billpay was not a "hassle" or "unmanageable" that ate me alive.

I've been pretty successful and only ate about $500 in damages once (knock on wood).

There were several times that we ate nothing but rice for weeks at a time.