Open to suggestions - rookie investor

[Jake Drappi]

Hello all!

I am looking to buy my first rental property here in NJ.  I just wanted to share my current situation and see what kind of suggestions come in, as I am obviously a bit nervous taking this first step.  Any suggestions or insights would be greatly appreciated.

I currently live in a 1700 sq ft town home with my daughter and wife, and this is our only property. I want to get started in real estate and also need to move more north of where we currently live. I was thinking of finding a duplex and moving into half and renting the other half out. What I am not sure about what to do is with my current townhome. I believe if I rent it out, I could cash-flow roughly $200-$300 a month compared to the taxes, insurance, and HOA (I know there are more things to account for, but I am still looking through BP to find some sources to reference those additional expenses). I would then move into the duplex I buy, which would give me some experience at being a landlord and also help with my need to move north. Now something that is concerning is that a house in our complex that is a comp sat with no tenant for almost a year and the last thing I want to do is have 2 mortgages and no tenants. I was possibly thinking of listing my current home for rent and see what comes in. If I find a tenant, I would rent this place out on a yearly lease, and then move into a month to month leash while we look for our duplex, which could help prevent us from getting double mortgaged. I know finding a property can be difficult, so I am sure timing a new tenant and buying a duplex could be extremely unlikely. Any suggestions for this 1st time rookie would be greatly appreciated.

Thanks,

Jake Drappi