Initially, I want to buy a little condo and rent it out, to start cash flowing.

On Dec 12th, I was awarded back rent by JP court but tenant filed appeal (month deposit is waived as bond if you claim not to have any $$$). 

I'm looking to rent out 2 of my bedrooms in my SFH. 

We have talked about renting our current home and buying a new home.

When I was ready to buy my first property I made a flow chart of everything that needed to happen from selecting a market right through collecting my first rent check. 

If you are currently renting, I don't see any alternative aside from house hacking where your monthly living expense can be turned into an investment. 

Will you be able to to get proforma rents? 

Therefore you won't need to qualify for REPS status. https://www.therealestatecpa.c...Here's the section which is most relevant to STRs of 7days or less (or 30 days or less with substantial services):"If you rent a property to customers with an average stay of 7 days or less, on average, this is a short-term rental.

These people rented it through AirBNB. 

I would be househacking my first property whether it's living in one of the units for a year while renting the other side simultaneously or living in the entire home for the first year and then renting it afterwards.