While going to school I rented one bedroom out which helped pay for various expenses and as money allowed I was able to remodel and update the home.

You may be able to carry a note on the property but I believe it is hard to find lenders that allow that. 

Bonus depreciation and Section 179 allowances for improvements can be utilized, with the latter, however, capped at zero to prevent negative losses.

Unless you can handle that shortfall AND you seriously believe the area will appreciate, probably not a good idea.Check to make sure that the HOA will allow rentals.What does your rental market look like? 

.- Property receives one set of taxes- Both houses are approximately the same sq ft. (1300)- Two single-family homes, not attached (two different addresses)- Property size 0.45 Acres- Township won't allow subdivision unless each house sits on 0.5 acre lots- Will reside in one house upon purchase, and will rent out the second house- One house currently rented out for $1,400 a month with a one-year lease- Purchase price $260,000Looking for ideas or best ways to finance this type of property!

Coaches are not required, but mentors will allow you to scale that much quicker! 

Is that even possible and allowed? 

I encourage you to get involved, ask questions, be open to feedback, and allow other seasoned investors to help guide you along your journey of Real Estate Investing.I'd also check out local REIA meetings, this can be a great place to get to know other investors in your area and network with people.One other recommendation... do a JV with a seasoned investor so you can jump in the passenger seat to see how it's done first hand.

Is the property zoned to allow business? 

I also got a separation clause to allow me to sell them individually, if needed, thus we gave value to each, with 20% equity in each.In my case, I was able to cash flow about 6% COC. however, I did pay market price.