Some potential problems in my opinion:- 2 tenants on the lease which complicates the agreement- May have overnight guests whom I would not want to stay- May sub-lease the extra bedroom to people who I do not approve of- If only one moves out, I cannot rent the whole house to a family.

@Jaysen Medhurst Maybe I need to change my mindset a little on how much I can find a single family home for.I’ll have to see what is available, my biggest concern I think is the houses around here going for under $100k or even under $150k I’m not sure rent for much more than the single bedroom condos.

We are planning to put in ceiling fans in each bedroom and the living room, as well as insulating the roof a little bit because the crumbling plaster has got to go and make way for drywall anyway.

To give some more information on the property, each unit is 4 bedrooms and it is close to a university.

They've had ample notice to either find another place to live or face paying $900/month. 

Turns out the structure is a 60 X 40 building. ½ of the building has 2 huge garage doors and this is where he parked his RV’s and had a workshop. the other side of the structure has (according to him 2 bedrooms and a wooden deck on the side (so you can come outside on the deck and enjoy the view I guess) He says he rented out one of the rooms back in the days and a water heated broke and messed up the downstairs bedroom and he never fixed it up.

I have the ability to buy a 2-3 bedroom home where I live in Phoenix AZ.

The building in question has (4) one bedroom apartments, (2) on each floor.

Long story short, some friends of mine were looking to get a group of investors together to purchase a block of one bedroom units in the Houston, TX area for a buy and hold renting situation.

According to Rentals.ca, Since January 2019 the average rental costs for 1 bedroom and 2-bedroom in Hamilton has risen 28% and 21.9% respectively.