@Jordan Vanherwynen  lets put the shoe on the other foot and you own the property and I am the guy that wants to do that .I would like to rent your house , but I am going to put a bunch of college students in it and make some extra money , i am not gonna live there I am just gonna manage it .

We haven't even started to look at your Return on Equity (ROE), with will also be horrible...since you're not making any money.If I were in your shoes, I'd do one of two things:Tap into your home's equity using a HELOC and use that cash to purchase/down payment on a MRF.Sell your place, you'll probably clear ~$150k, right? 

Yet, not that many years ago, my best friend own a 32 unit apartment building, does not keep books, receipts are kept in shoe boxes, and eventually given to his accountant a little before tax time, or sometimes after.

Please be sure to remove your shoes, lock all doors and turn off the lights when you leave. 

.$340 MONTH$1800 YEAR ELECTRIC COST…$150 MONTH1st fl, halls, basement, storage area ground floor of owner$1200 YEAR TRASH REMOVAL…..$100 MONTH$100 YEAR LICENSE FEE….$8.00 MONTH $1637 YEAR TAXES……$137 MONTH BASIC MANDATORY SCHEDULED EXPENSES UPSIDE POTENTIAL OVER THE NEXT YEARS FOR MORE INCOME AND HIGHER RENT COLLECTIONS.1st floor $650 monthly,2nd floor front $425 monthly,3rd floor front $475 monthly, 2nd floor rear $400 monthly, 3rd rear $400 monthly when repaired. $2350 MONTHLY INCOME….$28,200 YEARLY…..IS RETIRING FROM THIS BUSINESS AND SPENT MANY A TIME AND DAY DOING REPAIRS, MAINTENANCE, AND KEEPING THE PREMISES IMPROVED AND REPAIRED OVER ALL THESE 30 YEARS.

Theoretically (and I think legally) you can put it in storage and charge them storage fees though if they are not paying rent it is not like they have money for storage fees. 

There will be someone there who has been in your shoes and can talk with you about options. 

There was an optional storage unit but the tenant didn't need it.From Zillow:Beautiful Townhouse, off the bike trail in Bella Vista, with three bedrooms and two bathrooms.

For example, for a person in my shoes who is just starting out in REI who makes decent income with little outstanding debt - would you guys recommend pursuing a private or hard money lender?

Anybody have a parking/storage business?