Starting off with a multi

[Erik E.]

Hey everyone. I am looking to start investing with a multi unit property, most likely a 4-plex. I always see on duplex listings, "Live in one side, have a renter pay your mortgage" or something catchy to that effect. If you just want to live without a mortgage, that sounds good, but it seems too simplistic if this property is the start of a buy and hold portfolio. If you're planning on buying more investment properties in the future, what are some best practices you should put in place with your very first multi property while living there? Should you be keeping the rent money separate from paying down the mortgage and put it aside for future purchases? What are the pros and cons of having a business structure this early? Should I buy the property in my name or as a business entity? Side note: this will be a first time home purchase so it crossed my mind that the perks/programs for first time home buyers might be negated by any kind of business dealings, so that might be something to consider for anyone's response. Thanks in advance!