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

Signing the lease demonstrates they agree to the terms and then you can hold them accountable.If you don't do this, then the person named on the lease and paying the rent could disappear and you would have no legal authority to charge the remaining three for unpaid rent.

It also allows you to manage paperwork and document communications with Tenants. 

Some people like Yardi and some like the next one. 

I think it's great that your plan for next year is just one investment property.

I would go with the one that is the specialist in the area.

google "all inclusive Deed of Trust" fantastic CA document we used all the way back in the early 80s If I'm not mistaken though a wrap would require the 2nd buyer to also agree to financing terms; which would be the same as me (the 1st buyer). 

Happy to chat...being a local GC takes out a lot of the risk of the biggest variable for most investors (unpredictable rehab costs) and also allows you to consider more options than the average investor, with your rehab costs being significantly lower.

You could set it up as an Airbnb, but that brings me to the next section.Airbnb & STR ValueAlmost all of the major cites, especially Florence, have created bans on new Airbnbin their cities.

Highly recommend partnering with a local realtor who knows the market.