I wasn’t prepared and it was quite a shock.

I suggest a free Home Seller's Guide on how the seller can prepare their home for sale.  

@Tom ONeil I am also a property owner and my experience is that by the 10th month of the lease, the the long-term damage is already done, prepare for the turnover.

However, be prepared that you may not get all the way down to your purchase price on an REO but you are likely to get some type of reduction.  

I own several rentals and haven't pondered what life will be like when they are all paid off so if I'm missing something obvious, please let me know so I can start preparing now for when that day eventually comes.

It is easy to prepare for and submit your bids on. 

My name is Ashby Cappelmann and I'm currently in the education/financial preparation phase of my real estate investment career.

One other thing is that I believe you can deduct the cost of tax preparation, whether that's purchasing TurboTax or paying an accountant. 

You will be better prepared to jump on the next possible deal that comes by--if you keep looking there will be another.

So if you all decide to move in realize it's the friends that will think it's no big deal if they are a few days,, weeks,,, with the rent... that you'll understand and be OK with it for awhile, they weren't planning for the car to break down.. ect.. any way just be prepared to hear the sob stories even from your friends.As far as living in a a house renting out the rooms to friends or friends of friends... have a written lease agreement with anybody and everybody.