Thanks Todd, that's exactly what I'm doing, actually an opportunity just presented that might solve my issues, is a 3 flat in a decent area in Chicago, it needs some work and has only one tenant, the owner has passed and I might be able to pick it up for $260K cash, is in great condition and only needs cosmetic work.

With that said here is my current opportunity. 

This allows you to pull some money out immediately so you don't miss opportunities  then you can refinance later down the road with a conventional lender.

The people that would be renting would be my friends that are going to college but we graduate in the spring so that would be the first opportunity they would have to move in and start paying rent. 

The opportunity of renovating the home just wouldn't pencil.

I've been fortunate enough through my research and what I learned here on BP to have bought a solid investment property, which of course started with having the knowledge to identify and recognize the opportunity for what it was worth and act on it.

If you haven't signed a lease, yes, you can raise the rent (as long as you don't treat anyone differently and give everyone an opportunity). 

I “gave up” the opportunity to raise rent after 1 year in order to avoid a vacancy and lock in tenants I liked.

We both have the same opportunity.

Better to get your license yourself, stay on the legal side and then you can source all kinds of opportunities.