What to look for in a good rent-by-the-room propertyThis matters a lot:• At least 3–4 legal bedrooms• Two or more bathrooms• A layout where bedrooms don’t share thin walls• Plenty of parking• A common area large enough for multiple people• A location near hospitals, colleges, or job centers• A basement or attic that can be finished legallyAnd most important:A floor plan where rooms feel private.Privacy is what keeps tenants staying longer.My honest adviceAt your age, with energy and time on your side, this strategy can fast-track you if you treat it like a business.But don’t do it blindly.Tour existing co-living houses in your area.Study your local ordinance.Model the extra expenses and the extra time.Room-by-room renting works, but it works because the operator is organized, not because the property magically prints money.

I am the director of a non-profit organization, tied into a real estate system.

Check with your local Metropolitan Planning Organization (MPO) to see if there are any upcoming developments such as highways, rail lines, or zoning changes that could affect your site.These are the questions I run through my head every time I look at a new opportunity.

I've found it very easy to use and helping with keeping everything organized. 

The good news is that there are ways to avoid it altogether through proper planning, organization, and working with experienced professionals who understand both the tax, real estate, and financial sides.We always tell clients the same thing before they invest: see all sides of the picture.

I also worry that if you stage with too much food stuff, guests are going to expect a cheese board, croissant, and wine waiting for them at checkin ;)  

The IRS wants to see that you’re actively directing and managing the business — things like approving budgets, coordinating repairs, analyzing performance, and making operational decisions — not just reviewing reports or responding to occasional updates.So while it’s not impossible, it’s rarely achievable unless you’re very hands-on, even from a distance, and have solid time logs to back it up.If you’re interested, I can share a free REPS tracker that helps you record and organize your hours.

They don't seem to realize that this is a financial organization. 

I am referring to lenders who will lend to real estate titled to entities but won't finance your transactions because your entity structure is unnecessarily complexed or your organization documents look like they were prepared by a 3rd grader.8. 

.• Caregiver wages, food, supplies, licensing, insurance, and overhead are all fully deductible.• Since you plan to live in the home, you will need a clear split between personal use and business use.