These options or any others that take the bank out of the equation are really the only way you can avoid the most basic issue here -- that you don't currently make enough monthly income.If you're not up to speed on all the concepts I've mentioned, then Bill is correct about a second point... listen to the podcasts... all of them. 

., or anyone here on bigger pockets.For instance, they will go over the process of double closing, how is totally unnecessary and why only newbie wholesalers would consider it.

I already do have 4 residential units that i bought via a realtor, so i know what to look out for in general.This time i dont have a realtor (or broker) and i potentially would like to avoid paying one.

I began showing it and got it leased starting the second week of January.My point is, my seriously ill tenant who was near death at one point did not use his unexpected hospitalization to avoid his responsibility for paying his rent. 

What areas should I avoid, etc.?

I would make an honest effort to avoid that, however, not just because of financial and time costs to you to turnover the unit, but because if he's elderly and hard of hearing, plus on Section 8, he's going to have a rough time finding housing.

you could find yourself underwater real fast...Don't get me wrong, I don't believe in selling real estate properties if it could be avoided but I also don't believe in negative cashflow and over leveraging yourself...

Hello,Hope you are doing great.Quick Introduction about me: I am newbie Investor with 3 SFR positive cash flowing properties - all are Buy and Hold Rental properties - I am able to Traditional finance for 30 years fix...

Furthermore,  the location of rooming house are usually tightly regulated.On top of that, conventional lenders tend to turn-away from rooming house, particularly in the environs of a university.Where you have kitchens in both the upper and lower unit and have fire-separated the ceiling of the lower unit have you formally separated them into a duplex (as a way to avoid an occupancy by-law)?

Avoid Clawson(overpriced), or anything with Clintondale Schools.