I'm in the process of purchasing another home. It needs a little work but I have a vision and the most important thing is I have a plan.  But with that being said there is one thing I am going back and forth with and that's how I'm going to renovate this home.  Should I turn it into a rooming house (which brings in some type of income each month whether it is a few hundreds dollars or a couple thousand a month) or rent it as a single family (which can be steady income (but less) if one signs a lease, but can be a lost if home goes unoccupied).  I'm weighing out the pros and the cons, the benefits and the applied benefits.  At this point I have one rooming house that I own by myself, one home that I own and rent out monthly, and three rooming houses that I have partnerships with. With the aspect of income I think the rooming house would be the better idea, but with the hassle I think single families are more convenient. So I ask myself which is more important generating income or being hassle free. Here are a few sites I looked at based on this what do you think?

http://wiki.answers.com/Q/What_are_the_advantages_and_disadvantages_of_boarding_houses

http://www.propertyinvesting.com/forums/property-investing/help-needed/25531

http://www.investmentproperty-austin.com/tag/pros-and-cons-of-investing-in-a-single-family-home/

http://www.realestateforum.com/blogs/aljay/3254-single-family-houses-pros-cons.html