It wouldn't help you a ton to refinance into a traditional conventional loan, as you would reset your owner occupied clock, and would need to stay in the property another year (give or take) before you could secure a new owner occupied loan.

@Jamie GoldenbergIf you don't have enough capital for a traditional investor 20%-25% down payment and you will be living in the property; I would suggest a FHA loan with 3.5% down.

Went with Jet Lending and they are considerably high but I had no choice. 

This would not be a good deal for me, but that's a very subjective question.2) Objectively you should refi for 30 years, but there are many subjective influences that can make 20 years the best choice for your personal situation.Sorry, this only qualifies your question!

I had never heard of renting a property by the room outside of university systems and would like to know if anyone has experience with this and what criteria they used to chose this over traditional property renting.

And another poor renter will be “homeless” (or more likely living in their second choice for location and safety.)People always use the lie that 97% of experts agree on global warming.

Our first choice would be to rent it out.

Typically, the wholesaler will facilitate an "open house" and provide a window of opportunity for you and GC/Contractor to view the property and assess the number of repairs needed to execute your exit strategy of choice.

This means I will probably need to get my next multifamily with a traditional full down payment loan.

In case you are eligible for the Solo 401k, here are some of the benefits it would offer compared to a self-directed IRA:Solo 401k contributions limits are roughly ten times higher than IRA limitsThere is no custodial requirement for the 401kYou don't need the additional expense and administration of an LLC to have checkbook controlThere is a built in-Roth component whereas IRAs are either traditional or Roth, not bothA spouse can also participate in the same Solo 401k planThe Solo 401k has additional tax benefits over an IRA when investing into real estate using leverageThe penalties for prohibited transactions are less severe, though it's best not to utilize this benefit :)