Looking for some advice

[Kole Kingslien]

Hello there, I am a beginner at this, and thought someone might be able to help me with a few things. To give you a perspective on where I'm at: I'm 22, my wife is 20, we live, and work, right outside of Madison Wisconsin, and we are hoping to start out by house hacking a 4plex. We have $18,000 saved up to start investing. At this stage I have secured lending for an FHA loan, and have been looking at properties. We eventually want to keep investing in buy and hold properties and eventually maintain enough cash flow to quit my job. I'm looking for any guidance you might be able to offer about strategies to reach these goals. Things that are in my mind are questions about being able to obtain multiple financing, is this possible? Can I have multiple loans, even though I carry an average job? Also I am confused about the legal aspect of it, I hear people throw names around like LLC, CORP., TRUST, but I'm pretty confused on this. Also, creating a lease, rental application, and things of similar nature, am I supposed to/can I do these on my own? What about accounting and finances, can I do these things on my own? I want to make sure I'm doing things wisely, legally, and safely, while remaining profitable and protecting myself legally. Also, even though I plan on doing this where I live for a while, I am still curious how owning out of state rentals works? Thank you for taking the time to read this, any information would be helpful. Respectfully, Kole