They just take a personal financial statement.

The nonprofit side cannot pass tax benefits to you personally, but it can support the mission of providing affordable housing for 55 plus residents.Since you inherited your first rental, make sure you start with the correct step up in basis.

Cash flow (the real numbers)Most rent-by-room investors I know (myself included) see 2–3x the cash flow of renting the house as a single unit when the property is set up correctly.Example:$1,800/month as a standard rental$3,000–$3,600/month renting by room (4–5 rooms)But it only works if:Bedrooms are good sizeCommon areas are functionalLayout supports privacyYou’re 21 with time to manage it, that’s an advantage.

To make it as simple as possible, we're assuming that you are single and have no other jobs, businesses or investments.

@Javier Rosales  Most of our units are single family detached house, we don't supply washer and dryers except when left by former owners or former tenants. 

The rest are personal preference.

And if it’s something I haven’t personally experienced, chances are I know someone who has.

Personally, I like sticking to affordable single family homes in strong rental markets, and one market I always recommend looking at is Columbus, Ohio.

@Paul McEvoyHey Paul, I see what you mean about the NJ Shore market being super tight on cash flow and rising taxes, it sounds like your properties would sell quickly given the demand and values, a couple options to consider are either selling and taking that equity to invest in markets with better cash flow or using creative strategies like 1031 exchanges to pivot into multi-family or single-family deals in the Midwest where you can get off-market undervalued cash-flowing deals, it could turn that high equity into steady income without the headaches of low yield and rising taxes

I am a novice in the real estate sector and am looking to expand my knowledge and build personal wealth.