Quote from @Mike Arias: Quote from @Chizitem Ibeneme: I'm a college student, and I plan to start investing in multifamily homes once I graduate, and I recently started looking at deals on Zillow just so i can practice underwriting.

This exercise will help you establish which of the two properties best aligns with your long term goals.

I feel like having some good experts helping me clearly identify best practices and targets for success (instead of guessing) to be extremely helpful. 

- Pet Policies and Agreements: What are the best practices for creating pet policies and agreements to protect my property?

The resources we had:- a bank (conventional) that lends money up to 35k for 650 credit score- hard money lender with APR 120%- seller/community (who acts like he doesn't want to talk at all)- a real estate mentor that costs $35K to useThe "answer" to this exercise was:Use personal credit to borrow from the bank and spend the $35k on mentor, and then mentor has the "connection" with the community bank to negotiate a deal and brought a 70K property for 40K with FMV of $140K.

There is a way of waiving the account at the state level by certifying certain practices but it's more trouble than it's worth and easier to just keep an account open. 

However, for the purpose of a healthy and helpful discussion, I invite you to the the do the following exercise to get the facts first:1.

Note I 100% know that CPM is not LTR PM with a few tweaks- I have lived and practiced this for over two decades. 

I know, there are plenty of red flags there, but I do believe it is worth the risk when I consider how happy it makes my wife, how life-changing it will be for the family, how minor the financial impact will be on me, and how it gives me the opportunity to practice the steps of real estate investing with forgiving tenants.Finally, I am going to attempt to self manage as nothing comes close to cash-flowing if you include PM costs.

Also, any best practices for room rentals that you recommend for screening and keeping tenants.