I'll be getting an FHA loan, attempting to rent out a couple of the bedrooms for the year that I am there to come close to breaking even, then renting out the entire house to a group of students in the following years.

We figured $1000/bedroom would be conservative. 

My current plan is to buy a house with 4-5 bedrooms and then rent out each room 2 of which are already agreed to come in and pay rent monthly, is there anyone who has started out in real estate similarly?

Maybe rent each bedroom individually.

Please do not comment on the legal aspects of it since both parties are already working with their attorneys.Property: Fourplex flat (two 3-bedroom 1-bath, and two 2-bedroom 1-bath with fireplace)Condition: Average, no major repairs expected.

Make use of walkout basements as livable space for bedrooms and rec room

We recently closed on our first property, a 3-story, 6 bedroom student rental.

I also skip over leads that have the homeowner actually living there and houses that have 2 bedrooms or less.

Purchase price: $200,000 Cash invested: $100,000 Sale price: $449,000 Fully renovated 4 bedroom, 2 full bathroom, Craftsman Cape Cod style home.

Purchase price: $365,000 Cash invested: $70,000 Sale price: $535,000 Completely renovated Garrison Colonial 4 Bedroom, 2.5 Bathroom