What are the pros and cons and if y'all can share with me some recommendations. 

We want to experiment with renting by rooms.Here are the pricing we set:Master 150 sq ft (private bathroom) $1100Room 2 120 sq ft (shared bathroom) $1000Room 3 100 sq ft (shared bathroom, 2 walk-in closets) $950Here are the pictures of the house:https://austin.craigslist.org/roo/d/austin-spacious-newly-re...We listed the house on Zillow, Craigslist, FB Marketplace, Roomster, Roomies, TurnoTenant (which broadcasted to over 10 other platforms), Avail, FB groups, etc.

You've come to the right place for REI.

I leave the original owner's insurance in place (it's escrowed with the monthly payment anyway) and then pay for a separate policy in my LLC's name.

I'll check out the book, thanks for sharing!

If so, get a business credit card at those places for your LLC (with you as personal guarantor).

Great place to start as an investor.  

Something that @Don Konipol recently pointed out in another thread of mine is that successful real estate investors from all walks of life really do seem to share a unified trait: THEY LOVE REAL ESTATE.They're obsessed by it.

I would word it out differently, tell him if he cooperates you will help him when he's looking for new place, he can use you as referral. also let him know that the contract will give you the right of entry with proper written notification.  

I think you misinterpreted my statement: without insurance if someone trips and falls and sues, or just feels like suing the original poster - if there is no insurance in place the owner is responsible