Rented out rooms which has covered the mortgage.

There was more room for error in those numbers a year + ago as you could sometimes count on slight market increase in the ~3 month span during a flip if you went a little over-budget.A good rule of thumb for getting into a flip in a market where it looks to be shifting is to take the maximum % of shift you think might occur during the span of your flip, and make sure that is your minimum profit margin.

I’d like to rent out my current home - not sure on renting the whole house out or rent rooms (allowing my brother to rent a room and keep an eye on the house). 

Now, there's definitely room in these numbers to hire a good property manager.

I purchased my first home at 22 years old (5 months out of undergrad) while renting the rooms.

Long-term resident must be present in home at the same time as guests, who may rent up to two rooms.

The in law suite is fully functional as a stand alone unit (kitchen, bedroom, living room, bathroom) and is separated from the unit 1 by an interior door that locks and has its own exterior entry.

@Raj Kissoon You don't have lot of room for HELOC on primary residence. 80%LTV is max for HELOC and few lenders offer up to  80%LTV.

To give more of a visual of my question my primary focus right now is SFR's and I am located in Grand Rapids MichiganThanks in advance -Sam Rockafellow

You become the property manager (your rent payment), your buddies pay per room.