Don't be afraid to swim upstream.

Personally, that is my strong suit so after about 5 transactions I was comfortable with every contract, negotiating terms, repairs, etc.

Research that and be in the middle to lower end on the rents and if that works then salon suites is not a bad setup.

In some cases, the numbers might even support picking up a cheap SF and building a casita/suite/ADU on the property. 

I'd say for the $700, you get plenty of info, especially if you're not Facebook ad savvy, which isn't my strong suit.

You can try to look at those posts and have a feel of which houses at which places suits the buyers.

I was so excited, spent hours looking for my next home and thinking about how much my life would improve, even found a house with a mother n law suite for dad haha!!

I'm not sure how this would come into play if the friend got injured on your property, but as far as opening you up to some potentially bad options if a tenant ever brought a suit against you, I would advise extreme caution. 

@Chris Lopez has many years of experience in the Denver area as a Real-estate Agent and he is the perfect person to help you two find the perfect property that suits the both of you!

. #1 the more bathrooms the better so shoot for a 4 bed 3 bath home if possible you can charge a premium for a private bath#2 you live in one of the rooms with the shared bath and rent out the master you can charge even more for the master suite#3 if the house is clean and in good shape vacancies will not be much of an issue, there are many, many, many people looking for flexible living situations due to work transfers, divorces, transition periods, new jobs, etc...#4 People will pay a premium for a month-to-month lease (you can't really hold someone to a lease in this situation because of potential personality conflicts)#5 Make it "all bills paid" including cable and internet, people will pay a premium#6 $700/Room is not that bad, you could probably charge more if the home is nice#7 The apartments available in that area for $700/mo are NOT NICE plus there is a 12month lease typically, plus utilities, plus they have to move their furniture in, etc....#8 Remember, you are marketing the convenience, people will pay a premium for convenience#9 In my experience I have never had more than a couple weeks vacancy between tenants but both my properties were nearly new, very clean and fully furnished#10 Some clients of mine just bought a 5 bed 3.5 bath home in Clear Lake City Super Nice, upscale neighborhood, for $325k, huge house that would be perfect for a house hack.