First Duplex Investment

[Allison Christine]

Hi BP community! I have been studying, researching, reading, podcasting, basically all the things to prepare for my first go at REI. I am a single mom who is fortunate enough to still live at home, with a steady income where I am able to save a good amount of cash per month and have good credit. I have enough saved for a decent down payment, but will still need to use tradition financing. I have finally narrowed down my focus to starting out by purchasing a duplex in my area. (I do not have the deal yet).

I have read and researched so much so, that I am getting conflicted info on a few things.

First question- I have read that it is BEST that i live in one side of the unit, and rent out the other, for tax benefits and financing options (owner occupied loan?) . Since i have the option of residing somewhere else, and can collect rent on BOTH units, wouldn't that out weigh both these?

I am also looking to further my portfolio by purchasing more property's soon after, which I will also have to finance. Not sure if this effects if I need to live in one of the units for the first year or two or not. (like i said, i've read SO much that i'm starting to confuse myself).

Also, is it worth setting up an LLC before my first deal?

Any advice would be so much appreciated. Trying to get my ducks in a row here!!!