A lot depends on whether the current tenants have written or verbal leases, whether they're year or MTM, your strategy for getting it rented if the current tenants leave, etc.

However, if you have a set strategy, and that is all you do, I suggest taking the time to shop lenders yourself and find one that works best with your strategy as it will save you a lot of money in the long run.

Continuously learn about market trends, investment strategies, and industry best practices by reading books, listening to podcasts, and attending seminars or workshops.

Is this wise, or should I take a different strategy?

@Joe Villeneuve, If I could vote a dozen times for this post, I would.  

@Michael Shea I'm not a tax accountant, but I've done the rent by room strategy for over 6 years as a house hacker, and I've recognized rent by room tenants rents in the Schedule E part of the tax return.

However, the choice of location significantly depends on your investment strategy.

Other strategies such as fix and flip or house hacking don't really appeal to me as constantly seeking out opportunities in hopes of generating large amounts of cash is not a part of my nature.Also, your local REIA will be an awesome resource for you.

We have great investment strategies that allows us to get higher rents than most so our investors are able to capitalize faster, refinance, get money out to do it all over again on other properties.  

.: A woman who inherited a home in New York City full of people squatting illegally was arrested and led away in handcuffs after she changed the locks.Adele Andaloro, 47, was placed under arrest at her $1 million home in Flushing, Queens.As the Post further reports, this is the latest such incident - which comes weeks after a couple's plan to move into a $2 million home in Douglaston, Queens with their disabled son was derailed by a squatter who claimed to have an agreement with the previous owner.In another incident, a squatter turned a Rockaways home into a 'house of horrors' with over a dozen emaciated cats and dogs trapped inside.Super unfortunate.