When you leave the first property are you going to continue to rent it room by room or as a whole unit?

@Lisa Louise: Tell me about your experience with using their late fee and extra expenses feature?

I believe high demand will continue in the future and vacancy will be limited to less than a month (in 5 years of ownership and 4 tenants, turnover vacancy has ranged from overnight, to 1 week).  

Reputation is important if you're wholesaling, know the numbers backwards and forwards, up and down and they must be reliable if you want to continue to wholesale.A partner may not be a bad way to go if you can find one or two with cash and know how. 

I recommend you continuously educate yourself.

I checked out Callrail and RingCentral and although they both have great features, they're a little too expensive for a Newbie like me to start out with.

We could possibly pull out all of our money in this scenario, but more of the cashflow would be gone due to shorter term.I could also look at hard money loans here, just haven't explored that option any more than the 3 featured for my state on Bigger Pockets website.  7% at 30 years seems to be what is coming up.My partner and I would consider private funding or even giving up a majority of the deal to put none of our own money in as two other options. 

The dad wants to leave the lease, but continue paying, but wants his son's friend to live there. 

Biggerpockets is a great resource to continue to learn.

Please PM me privately to continue the discussion.