Look for one that is profitable and cut your ties with this one.

We're going to tie this to my work in another business we're starting

My plan of action is to use the BRRRR strategy and live in the property while leveraging the home style loan and renting out the remaining rooms to help cover the cost of the mortgage.

Owning a primary residence where I currently live would require a sizeable downpayment and ties up more cash per month in mortgage/tax/expenses than renting.

If you purchase a property now that is move-in ready and doesn't require a lot of rehab, your money will be tied up and not available for your BRRRR property in a year even if you refinance.

My fear is that the current tenants will move out and this tenant will remain in the unit and want to add a roommate himself, so I need to ensure that he has adequate income.

My network of real estate brokers, wholesalers, contractors and various lending sources have mostly remained the same. 

According to my phone conference with them, they require the tenant to have at least three months remaining on their lease.

The location is good.I can see how closing costs could consume a chunk of money and this ties up my line unless I pay even more money to get my bank to finance this.What is this deal called and is it a good idea to even consider?  

The "clock" is tied to your loan, not to your ownership of the property.