Disclaimer that i'm new to real estate investing.From just quickly looking at the numbers, looks like you have way better investment choices than the property you listed. for a $300K loan (and $70K Equity), you can find 3 x $100K properties that can get you $1000 a month (or more) depending on the area that you invest in. 

Many landlords have one of two options for individual tenant supplied heat: Monitor heaters and heat pumps.

If the property does not have individual laundry in each unit, you may have the potential for coin op laundry.

I run into a bunch of individuals who say they have deals, but it never seems to work out.

The issue is that there are currently 4 tenants renting bedrooms individually.

The two common choices for doing so are the self-directed IRA and the Solo 401k.The Solo 401k requires self-employment activity, but will allow you to take participant loans while the IRA does not.A few other Solo 401k benefits:Compared to an IRA, Solo 401k contributions limits are roughly ten times higher.There is no custodial requirement for the 401k.You don't need the additional expense and administration of an LLC to have checkbook control.There is a built in-Roth component whereas IRAs are either traditional or Roth, not both.A spouse can also participate in the same Solo 401k plan.The Solo 401k has additional tax benefits over an IRA when investing into real estate using leverage.The penalties for prohibited transactions are less severe, though it's best not to utilize this benefit :)With either structure, it's generally recommended that you do not commingle retirement and non-retirement assets.

However, for anyone wanting to buy a property in this area to live in this would be a great choice!

They should also have a set of rules regarding violations and how you are to be notified, the individual steps, etc.

Happy to serve as an ongoing resource for the right individual. 

I assume it is more for liability protection against the individual ?