I have learned a tremendous amount by attending events when I can, learning and gaining confidence from people that are playing the game at a level I can aspire to.

I have played around in my head and on paper different rules and guidelines to follow if I would actually have someone renting out a room, but Im kind of lost on how exactly I would out that in a contract?

Kind of like if you were a quarterback and you had to audible in the middle of a snap count, in order to read the defense and call the play to match what they were giving you. 

You can play around with the job aspect, if you are willing to look for new job to save money on taxes. 

Can somebody explain to me how the investor can play things safe when taking out commercial loans?

The safe play for me is probably to just buy an Investment property in Buffalo (I already have a good relationship with a PM here who would be a great resource for me), but for some reason my heart is in Ellicottville - the idea of being able to use a property as a vacation getaway for a week or two a year and then rent it out the remainder of the year sounds super appealing.

If the seller won't play ball, you might be best served walking from this deal and seeking more suitable space for your intended use.

Yep, it happens.....serial non payers of their electric bill go steal a meter when the power company takes theirs after they have been caught “playing with it”.

I noticed that deficiency judgements on purchase money owner occ only came into play in 09...

If market rent is much higher you might have a play to blend returns upwards.