Buy-and-Hold Supplemental Income-projecting to next purchase

[Adam Brown]

Greetings, and Happy Holidays to you all!

I'm highly considering a property, selling for $350k, 100% occupied, $3k/month, i.e., 36k per year. Mortgage 2k/month.

This is my first property, so I'm being lead by a guru (who I will not just rely on as Mr. Turner suggest). I'm doing a self-appraisal based on comps, and will be having an independent inspector do a walk-through with me. 

Is it more reliable to try to get in a duplex to occupy myself? Or does it not make a difference? Additionally, is it difficult or impossible to do a similar transaction a year from now? How long would you wait? How do I find out the class of property i'm investing in? The property will be most likely section 8.