Structuring for a scale able portfolio as a new investor

[Will C.]

Hello BP,

My first post and very new investor. I have a few questions that I would like advice with. Im in the market for my first overall purchase as a first time home buyer/ investor. I'm leaning on the house hacking model to start as I would like to find a duplex and owner occupy, renting the 2nd unit. I want to lay down a smart and safe foundation to build a business on, so....

Personal Goals:

Year 1-2: house hacking to pay some/most of mortgage while also building rental history

Year 2: have sights set on next investment and rent both units in first property. Repeat

Overall, general decent cash flow with a focus on long term.

1. I want to make sure my personal assets are covered from a legal stand point. Im assuming I will have to buy as an individual (FHA), but can I rent the 2nd unit through an LLC? If using property management, do they assume liability? I have done some research on BP and have briefly read about umbrella policies, what do they cover and are the policies property specific? What are your thoughts.

2. I have a potential partner, someone with some cash to bring to the table and similar interests as far as REI. Our mutual and main goal would be cash flow rental properties SF or MF. At our price points, houses in the 100-150K range, is it worth the effort to split the potential 200-400/month? Maybe there is a hybrid plan where my partner invests in my personal property? My realtor friend says its not work the headache for only $1-200/month.

Thanks BP!