That way you can buy a roof when it is needed and buy your own furnace and be responsible for your own future and not rely on some wall street "cokehead" for your housing.

@Rick Oaks You want all adults who will be residing in the residence to be named on the lease, with joint and several liability.

This means relying on good contractors, property managers etc.. to help with things which obviously adds a layer of complexity to getting good deals done.Additionally, I've done some cursory reviews of MLS properties, and it comes as no surprise that, after some rough rental calcs and investment calcs, show there isnt too many properties that jump out and scream cash flow. 

I want to introduce the concept of real estate investing to my adult children. (22 & 26) I’ve been “hanging” around Bigger Pockets for a few years now but have yet to do my first deal.

In general I've been forced to rely on others.

So far, we've had one inquire for 9 (4 adults, 3 kids, and 2 toddlers) and another for 12 (6 adults and 6 kids... which sounds crazy to me). 

Not bad for 7 adults. 

You need to make a list of the qualifications that you will screen potential renters. 3x income, minimum credit score, number of adults over 18, number of people residing at address, then if possible eviction history and criminal history.

I initially relied on my insurance agent who missed it in the flood zone.

There is an young adult relative also living in the unit.