New Member from Long Island new york

[Tara Prosser]

Hi - I am a new member and completely new to real estate investing, except for being a homeowner myself.  I am interested in buying a property(s) to rent out to start generating some passive income.  I would like a high ranch where I could rent the top and bottom floor seperate.  I think my parents would be interested in renting one floor long term. Where do I even begin?  How do you legally establish a house to rent out?  Are the taxes and expenses a write off even though it is second home?  Is there a place that folks can recommend with information for beginners?  From a cost prospective what I am looking at is a purchase price of about $350k and 14k in annual taxes.  How do I determine my break even point?  Any info is greatly appreciated!  Am I watching too much hgtv or is this doable for a busy mom?  I can put down 20-30% down payment. #dontknowwheretobegin