Its listed as a two bedroom.

I was thinking about running a hardwood type fake flooring to go throughout the house or should I put rugs in the bedrooms? 

We meet the son 20 minutes later and put an offer to buy his 4 bed room for $50,000 (+$10,000 in rehab) that we'll get $1,800/month (Section 8). 

I am looking at a 2 unit multi family property that was approved for SRO designation (10 bedrooms).

A good benchmark that Frank Rolfe uses is that the cost to rent a 2-bedroom apartment should be the same or greater than the cost of lot rent plus the monthly mortgage payment on a newer large 16x80 mobile home.

Jarrell is experiencing a bit of a boom right now but it's still very much a bedroom town, there really isn't much other than the housing communities there now, but that will change over time and the houses are VERY inexpensive right now.

I now only have about $12,000 cash invested in the property total and am renting out the basement + one bedroom upstairs and living for free with a pile of cash to reinvest.

The rooms are large enough to convert into studio and 1 bedroom apartments.

NN> Yes you will need at least a bedroom and full bath down

Get at least 2, preferably 3 bedroom.