Just getting started with our first single family home rental

[Aaron Trochim]

Does anyone have any experience on buying a first rental home in the current economic climate where interest rates are below 3%. We live above our business so we technically don't own a home as our business mortgage is commercial. Will this rental home technically be a "first home mortgage"? Should I always open an LLC to run my property through even if it is one rental house. I am worried about liability falling back on me if someone gets hurt in the house or something like that. Does anyone have a great suggested capital expendatures formula for a single family home? what are the parameters you all use for that? Would you recommend a 30 year mortgage if I can secure it? would you recommend 15 year? If there is anyone our there that can help me on this stuff i'd appreciate it!