The house we live in has a 15 yr fixed mortgage of $1,600 at 4.1 interest but it is only 2 bed 1 bath just under 1,000 sq ft.

How many people will potentially live in the unit?

I go to REI meetups in Oregon where I live and Arizona where I invest.

Unfortunately, we bought the home when the rates were at all time lows, so selling or refinancing are not at all ideal at this time (I have been living in the home, she never ended up moving in, I'd prefer to stay with or without her at this point).  

I've had 2 issues with tenants not paying rent resulting in them leaving and yes they left a mess, but we cleaned it up, got it re-rented (for a lot more money as there are rent caps in place in that area) and moved on.My first rental was accidental-I bought it to live in and moved and converted it into a rental. 

While you can’t completely control who applies to live in your properties, you most definitely can find areas that are popular with students, young professionals, families, etc. 4) just as important as finding the property, you need to have an exit strategy in mind for the property.

We live in a college town and could rent it for $1200-$1500/month afterwards.

I have 1 tenant on S8 and they’ve been great besides the fact the home is dirty and they live like a hoarder. 

@William Hutchmaybe start with a live in flip a bit away from the cityi would not partner with multiple people on your very first one - that seems like a disaster waiting to happenhigh rates are just where the market is right now

If you are planning on living in the property as your primary, you can request to terminate the lease as you will be taking possession for owner occupy, but confirm with a local real estate attorney on the specific verbiage and process as it varies by state.