The function of individual leases (which do not designate bedrooms) is to provide the tenant the peace of mind that they will not be held financially liable for non-payment by the other occupants, and to give us the ability to take enforcement action against individual occupants without having to involve the other residents.

Depending on the type of financing and your financial strength, you may have to bring someone in beside you to guaranty the loan (assuming you can't find a non-recourse loan)

Since you're in San Jose, I'm willing to bet that your original cost is the lower of the two.Use your tax assessor bill to determine the percentage that is considered land (non-depreciating) and the percentage that is considered depreciating rental property. 

Copy of contract Agreement to Assign Contract for Sale and PurchaseSubject Property: ________________________________________________________________________Legal Description: ________________________________________________________________________This agreement is made between ____________________________________ (ASSIGNOR) and ____________________________________ (ASSIGNEE) regarding purchase of the above referenced SUBJECT PROPERTY.Whereas ____________________________________ (BUYER) has entered into a Purchase and SalesAgreement with ____________________________________ (SELLER) for the purchase of SUBJECT PROPERTY, and whereas BUYER wishes to assign its rights, interests and obligations in the Purchase and Sales Agreement, it is hereby agreed between ASSIGNOR and ASSIGNEE as follows:1.ASSIGNEE shall pay ASSIGNOR a NON-REFUNDABLE assignment fee of $________ (payable $_______ with signing of contract and balance at close).2.

That pretty much is the definition of mortgage fraud.....non arms length transaction, straw purchase, etc.  

@Dave DeMarinis Do you need recourse or non-recourse?

This is the type of stuff that can differentiate the successful from the non-successful.

Get it appraised for  140K and borrow, (in my case as non resident) 70% so 98K.

From what I've found CU's don't like them because their risk of you walking on some non-owner occ debt is greater.

A brokerage is fine if your non-traditional investments will not be overly interactive - such as the occasional note, syndicated deal, crowdfund, etc.