If you do rent by the room watch out for local unrelated person ordinances.

So its a wash for income tax purposes.

I do believe for what you clarified from your original post that breaking even is okay and you'll be using it for personal use that you can do this. 

However, when you rent out a portion of your home, you need to make sure you're properly dividing any expenses you pay to maintain the home between personal and rental uses.

Ended up getting the property back and sold for a wash.

Personally, I'd recommend multiple properties, but that all depends on your long term goals.

I personally have success in doing flips with my partner here in Ohio.

I persisted and much to my surprise one day the door opened a crack and thus began a multi month journey through this man’s personal hell that eventually led to a $30,000 profit.He owned a local Jamaican bakery that was failing; his marriage was ending and his soon-to-be-ex moved out with their 5 year old daughter; and now he had lost his house.

For rental to be in same condition when rented by tenants, I will need to: touch-up paint, clean house, wash windows, clean carpet.

STR you personally can enjoy the property too2.