They don't seem to want to pay me if I have a vacancy, assuming no risk, so I don't know why I'd reward them for the upside. 

But I can give you some general advice.There's usually public notice involved so you pick up the list from your local legal newspaper or website.

You are still allowed to reject that unauthorized roommate if you find criminal or other negative findings from the screening.If you decide to approve the new tenant, just draw up a new lease for a 1 year term (or your choice) with the new rent and make sure all roommates are included on the lease. easier that doing addendums for rent and roommates etc. and you get them to commit to a new 12 month lease so you dont risk move-outs in the middle of winter.

These are in  a rural area and cheap so getting bank financing was impossible (not to mention they won't loan when there is a mobile home involved.) 

Hagerstown you might.Keep in mind though that a 10% cap rate in today's environment is likely indicative of a high risk property.

We now own two PERFECT properties and we are getting involved in a commercial development project-- that's tremendous in 8 days.

Ishaan Misra , I have considered buying "out of my back yard," but my issue is that I really like being involved with my investments and being able to touch see and feel them etc.

In my opinion, yes, it can be done, but you're looking into a bigger mess as far as the government is concerned.Lets preface this with I don't know exactly how this works either, but after a certain amount of people are involved you have to report as a Real Estate Investment Trust (REIT) and have to file extra forms related to your business and also after a certain threshold you also need to report members and their distributions to the Securities Exchange Commission (SEC) so they know as well.Being young (as am I) you are going to run into a lot of dead ends trying to apply for a residential loan with a business name.  

I've been brainstorming for a while now and maybe it's just a natural aversion to risk, but it seems like the only option is to hold where I am and get back financial footing before moving on to the next purchase.Any help is appreciated!

Who needs to be involved.....attorney, title company?