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If you have a 5 bedroom house even in a $500k house I do not think it is even conceivable that you would rent all the rooms - I'd only bank on one or two roommates - and since Wichita is what I'd call a little big town - most people aren't going to want to live with someone they really don't know.I think you're most realistic situation is buy a very nice duplex (there are a few from time to time that are high end) that will come for sale - live in one half and rent out the other where they should make  a vast majority of your mortgage payment and live for nearly free.Secondly - buy an affordable house (if your intent is to move in a short time span so below $250k or so) and then only bank on having one or two roommates and only charging them $750 or less depending on how nice the place is - unless you have a large base of friends that are willing to live with you.Just my .02 -- and best of luck!!!   

@Colin Johnson, I am looking into this as a strategy as well but am data collecting and analyzing at the moment. 

To be fair there are plenty of realtors who are also investors, but the vast majority of realtors aren't.

Big lesson is that the 1% rule can only help you build a funnel of deals to analyze, but the decision to pursue a deal is deeper.

It can be done, you will just have to network a lot and analyze a ton of deals.

The vast majority of investors today use this three (3) property identification rule.200% FMV Rule You can identify more than three (3) replacement properties as long as the total (aggregate) fair market value of all the identified replacement properties does not exceed 200% of the total (aggregate) Gross Sale Price of your relinquished property(ies) sold in your 1031 Exchange.

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I am analyzing deals.

Have you analyzed the numbers?