Living room. 

Other things to consider: having a team ready to start the rehab after you purchase, having a rehab budget that leaves room for the inevitable surprise, due diligence on the property—what is the ARV, what is your exit strategy, what can you pay for the property taking into account unknown rehab costs.

His time is worth something too though, perhaps not $7 grand in your specific situation but I don't think his time is worth nothing either.

We have a lot of military and college graduates who work for the DOD that don't make a lot and are always looking for a room. 

I've created an LLC that is renting out room to government employees on temporary duties, and they pay via their government travel cards.

You interested in Grand Rapids, Mi. 

There is really not a lot of room to park more than one car anywhere on the property, but 2 cars will fit in the driveway next to the house, it's just a little awkward.

Renovated the entire house from the basement to the attic which is now an enormous master suite with a bonus room.

At the end of the day if you buy the property with wiggle room you can walk away with a great property, and a great return.

I am 20 years old and plan on moving out soon, I work full time and am not in school.I want to purchase my first house, and rent out one of the rooms to a buddy/tenant.