Now as long as at the time of purchase you have the intent of inhabiting your unit as your primary residence and do not intend to rent it out, you are OK.

As a "professional investor" I have purchased, renovated and made available a residence for a renter who would otherwise not be able to inhabit such a nice home.

Account Closed, often times their lease will state you cannot effect another tenant's safety or make any portion of the property/unit inhabitable. 

The inspection is really more of a walk thru, to make sure the house is inhabitable, from what I've seen and heard.

are they inhabitable without rehab?

Often times the properties that distressed owners are selling aren't in habitable condition and most banks won't finance a loan on an uninhabitable property.

If I do both a lease and a room rental agreement, does there have to be special language in the lease that states the property owner is inhabiting the property and “co-leasing” with the tenant?

-I have set my own standard of living and it’s far from a slumlord and I will always maintains my units to be in conditions in which I’d be happy to inhabit.

The bubble is crazy over priced and inhabited by quicken loans employees - the wild west is the vast majority and inhabited by minimum wage workers, SSI scammers and criminals.