Currently, I live in a 3 bedroom apartment with 4 other people (5 total), and we are looking to switch apartments because we don't like the place anymore.
I started looking around for new places, and found a handful that could work out. However, I had the idea that instead of all of us draining our money into a landlord, I myself could instead buy a home with a mortgage and charge my roommates rent, which I could funnel into the mortgage, paying off my debt.
I currently make 70,000 a year. And my roommates are in the same ballpark.
I was aiming to buy a 110,000 home, and charge my roommates 500 a month, giving me 24k a year to put towards the home and other costs.
I have already lived with these people for a year, so I know they are clean and respectful, and have never missed a rent payment, so I don't predict problems there.
I am in the Cleveland Ohio area.
I was planning on seeing a professional about the situation, but wanted to ask here to get an idea of what I should think about.
Edit: If I go through with this, do I need to report it in a special way on my taxes?