The house hacking strategy by Craig Curelop is pretty solid.

In Colorado, my STR clients are getting 10-12% if it's solid.

You won't be living for free but if you can find a property with solid rents or some value-add potential I think it's a worthwhile investment.

I personally am okay with having a cosigner for a tenant because this adds an additional person who is financially responsible for the lease if the tenant is unable to pay rent or for damages they cause. 

Not that the intent is back out, but one thing I'm trying to do is gaining a solid understanding of no-risk EMD (as long as deal is closed within a certain timeframe), - how to explain the risk reversal to the seller - and also the buyer.I would be most thankful for the help and if you wanna join my network of MD/DC/VA based REI let me know.

.: Graduate from collegeGet the highest paying job you canReduce your expensesSave up enough to house hackHouse hackIn a year or two, refinance and house hack againRepeatGood luck A surprisingly verbose response from you.

Beyond maintenance, tenant is responsible for repairs up to $5,000".  

NOTE: only do this if your parents are responsible users with strong credit scores!

Quote from @Ricardo Fernandez: Eh, seems to be overkill.Your Tenant is responsible for the condition of the unit, period.

If he is a solid agent, he would not require you to sign such an agreement.