4 Unit/Thinking about combining 2 units for myself

[Kimberly H.]

I found a 4 unit house that's in a C area that I'd like to purchase, renovate and combine 2 units for myself.  The entire house is  4,000 SQ. FT and I would love to live there and rent out the 2 apartments until retirement and beyond.  What are some of the downsides to this model? 

My goal is to live rent free and debt free.  This will be my 2nd property.  The first being a duplex. I want to travel and it would be nice to have tenants upstairs to be present while I travel and to have them pay for the house.  

Ideas/Suggestions?  Has anyone done this before or now?