One-person rental units are in the highest demand, and co-living directly appeals to this market.

I used $80k to pay off personal debts and $50k to remodel it by myself with my two hands.

Cosmo - I personally don't know Phoenix well, but if I had to do this in another city I would look at income levels, crime levels, and population growth (if you can) by zip code and/or area within a DMA as a starting point.

I personally would avoid over investing in this unit.

I personally like index fund investing in funds like VOO.  

The absence of a personal guarantee from any disqualified persons is still required, just as with third-party financing.

Was that person me or another person as that sounds like something I have been telling people? 

If you have, you have put yourself at great personal risk.Again, I recommend you get a lawyer as soon as possible.

You must report rental income on Schedule E and can deduct rental expenses like repairs, maintenance, property taxes, mortgage interest (allocated between personal and rental use), and depreciation for the rented portion.

@Erica King Sounds like this is more of a personal budgeting concern rather than a real estate one.