If not, then make sure you know your landlord tenant laws and give proper notice to vacate.

It comes down to the monthly mortgage cost vs rent.

You will want to check with your insurance carrier and I would make sure they are properly licensed, insured and or bonded. 

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+, zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680, some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

It can serve two purposes, provide a roof over your head and still provide some income to OFFSET your LARGE MORTGAGE payment, since you are considering putting 5% down.  

Financial Success: Listed at $400,000, aiming for 5x on original investment of $50,000, post-mortgage.

I'm new to all this, but having a background in mortgages and finance.

You want to invest just to have a place to live and potentially offsetting your mortgage payment by renting out the vacated rooms or having x amount of cashflow in the future?

Do you have any resources I can use to learn how to properly make a tax appeal claim?