Purchasing a duplex

[Nathan Galvan]

Hello, my name is Nate and I am very new to BP community. My fiancé and I are planning on purchasing a duplex in about a year. I will be 26 is November and she will be 25 October. I ha e a few questions so on how to get started and some questions about being a landlord. I would really appreciate the help. I live in CA by the way.

1) When should I start getting the ball rolling on purchasing a duplex? We are shooting for June 2016...6 Months the before, 4 months?

2) Do I have a say on who will be living next to me? For instance do I meet them and I choose who I would like to stay on the other unit?

3) I see people saying on here "Should I tell the other unit that I am their landlord?" This is Cono using because I thought they would definitely know because they will be paying me to live there. Or do they pay someone else and then the money gets sent to me?

4) When rent starts coming into me is it already taxed? Or do I pay taxes during tax season?

5) Do I set up my own contract for the tenants to follow?

6) I heard different bank accounts is the way to go...one for security deposits and one for rent that is paid to me.

7) say the rent is $1,600 for the whole duplex, is that what I should charge the tenants so I would be basically be living for "free"? What should I put as the rent for them to pay?

I think that is all the questions I have for now. Thank b you to everyone who has read and will be giving me feedback I really appreciate it!