My plan to getting started is to buying a single family house 4-6 bedrooms for around 200-300k  and renting out each bedroom for around 600 a month the area I'm looking to invest in has 2 major university's and 1 major collage so id be looking to rent to students , I do not have enough money to put down a conventional 20% down payment for an investment property so id have to put down 5-10 percent down with Mortgage insurance and put it as my primary residence but realistically I wouldn't be living there. 

A compromise could be to just actually live in your (FHA loaned) primary for 1 year+!

The main issue is whether the return to you cashflow wise is better if you just pay the rehab and rent it traditionally. 

They approach I really like is essentially becoming the "Digital Mayor of your Town and or City" as termed by Gary Vee.Now if you are not familiar with what that means I give you the run down What really traditional marketing would be is, *forgive me if I exaggerate a bit*,  just plastering yourself in everyone's mind as, that's Joe the real estate agent, he seems to be everywhere I go. 

Do you use HELOCs off your primary?   

No deals, no extra payments (because you haven't used the line).You only want to increase your debt in a primary residence in two cases. 1) You make more money than it costs you.

We occupied it as a primary residence two out of the past five years.We can command strong rents and have a very healthy tenant pool.Some numbers: Based on the comps, I believe we could sell for north of 200k (let's say 210k for the sake of math)We purchased the property for 130k and currently owe 117kThe mortgage, all in (PMI included) is about $970The rent is currently $1625/month (now on month to month)Our strategy is really buy and hold.

Currently have very little experience with real estate investing (we bought a primary residence last year) but my wife and I are working together to become better connected and better educated. 

For years, I was thinking I'd roll the entire amount into my Traditional IRA as I could defer taxes.

This will be my first 1031 exchange and I had a couple of questions for those who have done this before:- My title exchange company said that for the 1031 exchange, I need to also roll in the money I originally put down on this property (when I purchased it as a primary residence).