to get it down to a price that would make the numbers work.

Typically each brokerage sets a minimum broker administrative commission (Also known as a BAC fee) that gets paid by buyer or seller (both sides will have one paid by the client). 

But I have started to take my real estate endeavors serious over the last year and my studies much more serious over the last 5 months and although I may not be ready, I am ready and eager to take that leap of faith and try and put what I know into affect with the right people and obtain my first property in the West Texas area via House Hacking or a buy and hold deal within the next 60-90 days. 

Being a different type of real estate and nothing like it around I can get realistically $1,500- $1,700 a bed being a different realm of real estate (especially in my area). 

This article includes Prospect Mortgage getting whacked with a $3.5M fine for paying referral fees: https://www.housingwire.com/ar...https://www.thebalancesmb.com/... is a good article to brush up on.RESPA doesn't apply on commercial or hard money loans. 

I understand some of the possible implications of making this move would be a likely higher interest rate and lower NOI on the new investment but would like to get additional feedback on what other things I should take into consideration with this possible move from those out there who might have some experience in this realm.

Some are even getting creative with their deals, using strategies like seller financing or joint ventures to reduce their dependence on traditional loans.It’s definitely a challenging environment, but with the right strategy, there are still plenty of opportunities out there.

I also require my tenants of any length (I only rent for 30+ days) to have their own renters insurance for their own belongings so I don't see any big issue with having your part-time tenants get renters insurance and then making sure that your own homeowners policy is aware that there are others living in your home but that they have separate renters insurance.

Now there should be a time limit for them to give your 1st month rent before they get the keys and take possession.

I would get this property at a good price as it is listed at 365k in comparibles.