If so, would this allow me to deduct rental expenses below the amount of your rental income?

I am not able to add it to ibooks on my iphone

Also based on the rents you quoted, this is a  lower income/lower barrier market.  

I'd then repeat this process every 12-18 months until I had a reason to stop.Concurrently I'd be trying to increase my W-2, or 1099, income as much as possible, as soon as possible.

Also this opportunity came through a turnkey rental company so there was additional premium baked in and as an out of state investor, I was not planning to visit there and don't know anyone who lives there either.

A tenant who wants to stay and is on a fixed income is likely to stay a long time which means you won't have excess loss to vacancy/turnover.

It may be tough to find a property manager, and I would expect that you'll have a few additional fees when it comes to the rent by room strategy.I'd encourage you to think about managing the property yourself when living there as the landlord, and would be happy to share some of the do's and don't's that I ran into self managing a few house hack properties. 

With additional investments though, you could form an LLC and have a 50/50 partnership with your parents for any properties in it.

The rental unit was probably built as an addition to our part it’s on a concrete slab, no crawl space. 

Additionally, since they are pooling investments at the Spark level, then investing as one entity into Rise48.