I need some help from the bright minds on this board. 

Keep in mind allocation of income and distributions must be made prorata according to equity ownership if an S election is made....otherwise you bust the S Corp and revert to C Corp.

First solution that comes to mind is to install a sprinkler system, but of-course there is no guarantee that tenants will use it.

Definitely looking forward to a local meetup of like minded investors.

You can't put a price on piece of mind.  

I’ll keep that in mind and check out the book (@Nathan G.)

Renting out rooms is fine, there are laws that permit how many people can live under 1 dwelling but if its 1 person per room it should be fine as long as room has Windows and a closet..If you're planning to do Airbnb NYC has new requirements that will take affect soon..Also keep in mind when renting out rooms in some markets Utilities are included in rent..

I have no deals under my belt, not money to finance my own, and I am very excited about the challenge of creating something from little other than my mind, my connections, and my determination. 

An engineer's mind may need higher control over investment :))) let's check on the scenario of independent investing: with 40K down and conventional mortgage you could get a decent quality old duplex in the good location of Midwest. 

Do you mind if I pick your brain one more time?