Please keep in mind, this is my opinion and I am not being paid by RESimpli or any other person for my comments.

You live in one room, rent out the others, and pay your expenses with the income.

One thing you will want to explore is the tax rate in the specific counties you are looking in.

Next steps include analyzing deals, connecting locally, and studying financing options.Good luck!

Given the fact that if  there is a gain a future year the prior year loss can offset it, it seems that one would want to file the loss so they can offset that gain.

The insurance company will send you copy of the tenant declaration page proving coverage, and they will notify you if the tenant ever cancels the policy or allows it to lapse.HOW TO SHARE UTILITIES 101You have a property with two or more units and the utility meters are shared.

Subchapter K is an entire area of the tax code. 

Quote from @Eli Fazzo: Hey Bp family, I’m looking to move to Lexington, South Carolina area within the next year or so.

The rules for evictions are the same in the city I rent in. 

He'll have at least $2k per month in positive cash flow and tons of equity when it's time to find the next home in some years.