Another first time investor seeking advice.

[Michael Kotylo]

My plan is to move from my current condo into a house and live in the house while updating it until I can either sell it, or rent it out and move on to the next one. However, it probably doesn't make sense to live in a construction zone if you don't have to.

The condo would rent for $2200-2600/mo. I haven't accounted for rental income tax or property management, that's before tax, fees and maintenance. The expenses for the condo are $1250/mo. So the condo could potentially cash flow $800-1000/mo, conservatively. Not bad!

Should I even be looking for something to live in? Maybe I need to get a couple of lower cost rental properties in my portfolio, first.
How did you all get your start in real estate investing? What were your pain points and how did you overcome them? Any advice or suggestions are greatly appreciated. 

[Tanner Pile]

@Michael Kotylo

Will you be doing the rehab yourself? @Mindy Jensen does live in flips/rehab to rentals all the time. It is a good strategy but dealing with the construction will be a pain. 

Maybe do a furnished rental for a few months until the construction is done? 

I got started house hacking a 2 bed 2 bath condo that I turned into a rental after buying a duplex house hack. Best way to get started since you can do low money done to stack up rentals. 

I like to go multi-family early on to grow more units. I like having multiple renters covering one mortgage on a property but every one has to start somewhere!