NEWBIE! Renting/Owning/Taxes

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Hello, I am looking for advice. I am considering buying a Duplex/Triplex/Quadplex here in Suburban Detroit. For financial and convenience reasons I will have to live in the building too. I'm in for the long haul. For 5 years I was Treasurer of the condo association for the building I'm in now. I'm not Mr. Fix-it but I can pick-up a phone as quick as anyone else. I want to hear the good and the bad. Living in another house is out of the question because I don't have the capital to do that.

Also, I was wondering if I can still claim the property as a Homestead? This would lower my property taxes or should I claim it as a rental property? Sorry for the long post. Thanks.