OBTAIN SOURCE DOC FINANCIALS (RR / T12's / AR / CAPEX): Bare minimum, get copies of the rent roll, trailing 12-month financial statement, and aged receivables report from the owner/broker to enter into your personal property analysis model.

My kids are not working age yet so I can’t make them W-2 employees.

I’ve learned with age that passive investing is the way to go.

You're in a great market and starting at the perfect age.

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.

Pull recent, similar solds from tools like Redfin, Zillow (sold section only), Realtor.com, and your county’s property records, then stick to properties within a tight radius and similar size, style, and age.

I’m currently in my first semester of a JD/MBA program at age 22.

This is a great way to start and at your age will work out great for your first.  

Clearly I am an example of the anti Ramsey approach that believes debt can be good and produce great returns (leverage is a return multiplier).This does not mean that I d not believe most people should be following Dave Ramsey’s advice.  

You’re definitely right about that.Question: On the contingency reserve, do you typically budget a percentage of renovation costs (10-15%), or a flat amount based on property age/condition?