I will need to remove the carpet and replace it with something durable and cost effective. 

I really do not want to replace the whole roof this time.. the fix does not have to look pretty as long as it works.Any ideas on how to stop any leaks that keep coming back without me having to spend big bucks? 

In my experience, I don’t usually see a huge advantage to renting by the room.

I would like to get into seller financing and subject to deals but don't really fully understand the payments portion of it.

Mike Zuber has an excellent story on how this is possible and probably an excellent way for the any new investor to develop their wealth. 

There are a lot of great resources on BiggerPockets, whether you are just getting started or have 30 rentals under your belt.If you have specific interests or questions, find the appropriate forum category to read what others are saying or ask questions. 

Hi Mayleen - Welcome to BP!

Section 469(c)(7) provides an exception that allows qualifying taxpayers to treat rental real estate activities as nonpassive, enabling them to deduct losses against other types of income.

Original plan was to fix up, rent, get some tax savings, and refi.

This could lead to significant tax savings, especially if you're actively involved in the management and operations of your properties.Additionally, starting a property management company would allow you to deduct a wide range of business expenses related to managing your properties, such as office supplies, travel, marketing, and payroll (if you hire help).