My only addition comes from Warren buffett, and I think this is even on the signs that Jimmy John's: if you are not willing to own it for 10 years, don't own it for 10 minutes."

You can always run additional background checks if the first 1-2 don’t look good but I find there’s no reason to run one on everyone, just the most qualified candidate or two.

awesome idea and here are some big tips:- know that the leases are often end of aug / early sept, through end of the school year. so some people who only do this strategy, see that they have high vacancy in the summers. plan for additional vacancy % in your numbers, OR try to have your leases run 8/1 - 7/31. - if you're renting by the room vs renting the whole unit to a group of friends, have the following written into the leases: designated cabinets, designated fridge space, designated laundry days, overnight guest rule (and what's considered 'overnight'), + large gatherings rule.- remember that you'll be paying all utilities if you rent by the room, so factor that into what you charge for rent, and consider using remotely-controlled nest thermostats so they can't jack the heat up beyond what any normal person would pay for (if you're in a cold area). the same could be said for a home with central air in a warmer climate.- consider baking into the rest biweekly housekeeping, so that you know that the property is being kept up with (prevents pest issues), and you won't have to deal with any quarrels over who's cleaning the common areas more than who.- always have the parents co-sign the lease.- make a manual for them. what would your own kids be calling you about when they first move out on their own?

- most lenders will not be ok with your having secondary debt for the down payment on the next property. are your parents open to instead PARTNERING on the next one in exchange for, instead of a fixed rate of return, a % of equity/cashflow?

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

The owner doesn't need to show alot of additional income for tax purposes but wants to sell the house.  

Additionally, I'll continue to build equity in the other home with a renter.Now, I may be able to make $10,000 if I sold the home but it just seems as if building the equity would be a better option. 

When I read about it and look for information online, it seems like additional rules and paperwork but I'm not sure about true and immediate enforcement.

When you do a 1031 exchange you carry whatever basis you have left in the building you haven’t depreciated and add it to the amount MORE the new building is worth.

My wife is about to go back to school so she will not be contributing income as well as she will be tacking on a lot more debt to her initial student loans.