awesome idea and here are some big tips:- know that the leases are often end of aug / early sept, through end of the school year. so some people who only do this strategy, see that they have high vacancy in the summers. plan for additional vacancy % in your numbers, OR try to have your leases run 8/1 - 7/31. - if you're renting by the room vs renting the whole unit to a group of friends, have the following written into the leases: designated cabinets, designated fridge space, designated laundry days, overnight guest rule (and what's considered 'overnight'), + large gatherings rule.- remember that you'll be paying all utilities if you rent by the room, so factor that into what you charge for rent, and consider using remotely-controlled nest thermostats so they can't jack the heat up beyond what any normal person would pay for (if you're in a cold area). the same could be said for a home with central air in a warmer climate.- consider baking into the rest biweekly housekeeping, so that you know that the property is being kept up with (prevents pest issues), and you won't have to deal with any quarrels over who's cleaning the common areas more than who.- always have the parents co-sign the lease.- make a manual for them. what would your own kids be calling you about when they first move out on their own?

Of course, that wouldn't be a house hack situation, but may be a better scenario to get you in the investing door.

And there's a time value of money formula or discount rate formula you can run to compare the 2 scenarios. 

Personally I would run to them.

Yup I own and run a few vacation rentals on the west coast and I live on the east coast, I’m also developing 10acres of land into more currently. 

Would you like to reject that serial child molester from living next door to a family with young kids?

All it takes is one run of a bad tenant who has to be evicted + a month a vacancy while repairs are completed + a month or two of vacancy while getting a new tenant and you could easily be out of pocket $20k+.

Was also thinking about Pocono area but seems so run down...

We've both spent 100+ hours through various means over the past year - are we able to run a cost segregation study that would benefit both of us from a tax write-off perspective or only the person who spent the most time?

Ask them to run lists like this for you and help you along the way.