You need to learn to be an expert in some source of stress at finding, filtering for (a data source tool like propstream.com) or buying from a data vender who is good. 

You can buy a single family home, live in it for a year, then rent it out afterwards, and that would effectively be an investment property after you moved out, but you also got the more beneficial terms of it being a primary residence loan.You could buy a single family home and rent out bedrooms while you are living there, and that would effectively be an investment property, but again, you have the more beneficial terms of a primary residence loan.I wouldn't get caught up so much on if a property you buy is an investment immediately so much as I would focus on what your goals are and how each purchase would be step towards your goals, whether that is house hacking or just buying investment properties you don't live in. 

If we were to do this, they would net $300, and us $900 for the month since we closed on the 6th, meaning it would be an equal split.

Would be an extra step to bill you fees otherwise.

But I would check with your local City zoning codes to make sure there are no occupancy laws that could be an issue.

PM me if you ever want to get coffee and chat about NWA real estate!

I always say what are you planning to invest with if you want to be an investor?

For the states that do allow listings to include a basement in the square footage of the overall living space, there must be an egress and ingress.

In addition, the attorney informed me that short-term rentals (STR) are illegal in my county, so that will not be an exit strategy for me.

I will add about ReaIT that you have to be an accredited investor to purchase those deals.