General Advice For New Househacker!

[Carl Dela Cruz]

Hi BP family! Recently picked up studying real estate investing and was starting to solidify my plan and was wondering if there were any general shortcomings with my vision. I am currently a 21 year old living in the Chicago suburbs planning to attend graduate school starting January 2023. Because of my lack of capital, experience and also time I was planning to househack starting next year around March to get my bearings. I found a partner who is willing to househack with me (so we're aiming for a 2BR duplex) and saving $14000 in total to get this started off. We are planning to get an FHA loan for a $200,000 unit (preferably on the newer side to avoid any project and repair costs) and split the downpayment costs which will leave us with ~$7000 in capital to account for any small repairs and short term vacancies (hopefully im doing the math right)! By the end of year one we will have moved out and rented out the second half of the duplex to get even more cash flow. Right now we also have a property manager who has his real estate license (but we plan to self manage until it becomes a bit unsustainable) and are currently going to be searching for contractors, etc. Are there any underlying problems or critiques which could be offered with this plan? Thanks!