My buyer was out of state, so we went under contract just to get access, but we wrote the PA with plenty of outs so we could still do real due diligence.What’s helped us is just having the team basically on standby and keeping the process simple—one place for photos/notes, quick daily check-ins, and focusing on the big-ticket risks first.

Most renters in this setup already have their own bed and basic items, and including utilities and internet is a big value add.Make sure you’re using a lease that’s written specifically for rent-by-the-room.

I am about to lose my car my place to live basically my life.

That’s why a lot of first-time investors end up looking out of state for their first deal so they can learn the basics while still getting positive cash flow.

Basically, you live in part of a property and rent out the rest, which makes getting into ownership a lot easier since investment loans can be tricky.

But here’s the part people forget:House hacks aren’t judged on cash flow — they’re judged on how cheap they make your life while you live there.If you live in one unit, the other tenant is basically paying the majority of your housing cost, and that’s the real win.

They’re great and are basically a “no doc” loan.

I’d recommend connecting with local REI meetups, following some BiggerPockets podcasts, and learning the basics of analyzing deals and creative financing.

I’ve always stressed that a thorough knowledge of real estate principles, real estate law, and real estate finance is imperative for a sustainable profitable career as an ACTIVE real estate investor.  

Once you learn some of the basics and get comfortable with dealing with long term tenants and the building is stabilized, repairs have been made and completed then I would move into the more lucrative short term or long term if you can.