Considering a Multi-family to start with

[Paula Poblete]

Hi, my name is Paula and I have been playing with the idea of real estate for a few years now. I have taken some classes, read a few books, listen to podcasts. But have been too chicken to take any action. Meanwhile I have done some things right, I am saving 20% my income,  I am sending 14% to my employer's 401k, Became credit card debt free. I am currently a tenant and paying $1000 for a one bedroom apartment. My only debt is my car payment for $325

I do not have the stamina or the social skills for flipping or wholesalling, so I want to buy and hold for cash flow, and sparingly sell for  capital gain (I think that is the right term)

I am thinking of the following, let me know if  am being naive, ... with compassion, I am a newbie after all

A triplex, right in my current neighborhood, and me moving to one of the units. Rents are about $1200 for a two bedroom

With a mortgage I can pay on my own, even if I lose both tenants, so up to $2000 per month in total expenses

I want to ideally find the ugly duck in a cluster of nicer complexes, so, a property that is livable, but where I can add value with some light of medium remodeling and beautification/upgrades. If it has space to build a new studio, even better.

I plan to talk to my CU about financing. A problem is my credit score at 650. 

I am very concerned with finding good inspectors and handymen. I am very handy myself, but I am not planning on doing repairs myself.

I need to learn how to calculate my return, right now if I dont have to pay my own rent, I figure that is a $1000 gain, I know it is not that simple, I need to learn about this. Any advice or resources?

I am doing all this because I have an awesome 9 year old in the autism spectrum and I need to minimize my work hours so I can homeschool him (with the help of the homeschooling community, no socialization concerns)

Thank you very much for your time, and looking forward making this happen this year; if the numbers  and the timing make cents ;)