I might be able to get us a small room in downtown Bulverde off the bulverde exit of 281.

it is a 3 bed 1 bath w/ unfinished basement 2.5 car garage.I want to rent out the remianing two rooms and live in the third one.

Traditional Mortgage won't work on this house, unfortunately, as it needs a new roof and there had been some water damage in one room in the house, necessitating removal of drywall (it was caught quickly and there is no mold or mildew.

My question is: Does anyone have experience partnering with a friend/ roommate on a 4 or 5 bedroom and filling the rest of the rooms with other friends? 

In this market we rent each room for between $375 to $425 per room.

I own properties in Grand Rapids, and manage over 500 others.In regards to your "Top of Mind Concerns"  Winters can be hard here in Grand Rapids.  

The lower unit is literally one room and a bathroom about 7x14 total.

The back home is one big open room, no HVAC, but is has a kitchen and bathroom (so the lenders see it as a dwelling unit).  

This seems like a reasonable deal to me, but is there room for increasing your rents at all?

Moving into apartment complexes.Norcross, Ga - 2 bed/1.5 bath - 950 market rent, tenant paying 850/month (handy man discount) Asking 84KSuwanee, Ga 4 bed/2.5bath - 1898/month (tenant paid one year in advance)  $280KSandy Springs, Ga 3 bed/2.5 bath town home - 3 rooms occupied at 750/each