Any time there was damage that the tenants did to my property (holes in the wall, broken locks, etc) the housing authority withheld rent until I fixed it.

I'm in agreement with a number of the comments regarding condos and the HOA component; fees can be adjusted and increased significantly depending on what the HOA board decides and above all, you are giving up significant control over your property in my opinion that could limit or make appreciation, resale and exit strategy options less than optimal.A small SFR 3/2 purchased well under market as an REO a number of years ago is where I started and funny enough is still one of the best performing properties in my portfolio.Good luck and congratulations on your decision to invest- above all, lock in your strategy and then execute it.

Ouch - - you've issues running out your ears and started ask the right questions too late.First, issue of zoning and permitting a rooming house; really got the cart before the horse here. 

Thanks for the ears/eyes, BP!  

I'm using New American Funding.I know I could buy with cash then do a cash out refi, but I don't want to do that because I'm already locked in at 4.25% and have already paid $550 for appraisal, all of which I would lose if I go the route of cash out refi.

A delay like this could be costly if the seller changes his mind before you are ready with a contract to lock the seller in.

Wholesaling is my current position in the real estate market, although I still keep my ears open, as any knowledge from professionals in the game I appreciate.  

If anyone has some tips to get started, I'm all ears!

We have already locked in 3 properties.This particular property the numbers presented from the seller were not accurate once we were able to look them over in depth.

James Locke.