First home Conundrum, Duplex or Single Family?

[Luca Gorman]

I could really use some advice on the purchasing of my first property.  I started my realestate company about 8 months ago and have since had a some what steady stream of off market deals. The business plus my W2 job have allowed me to put away about 15,000 for a downpayment. Currently, I live in my moms basement and while I am 24 and love my mother very much, I feel it is high time to move out. 

Option #1

In a recent deal I put two houses under contract from one seller who wanted to selling me his personal home (at a steep discount) and a rental home (slightly discounted). I plan to flip or wholesale his personal residence , however, since I live in my moms basement the second home, his rental, seems like a great option as a first home. Its a 3bed 2.5 bath so I plan on renting out two of the rooms.  The house is newer, built in 1996, and the current tenant has done a fair bit of tasteful updating including the floors and the kitchen. 

Details

Value (as-is): 318,000

Purchase Price: 273,000

Rent per Bedroom: A) 575 x 2 = 1,150 (both bedrooms) 

  B) 575+875 = 1,450  (one bedroom and Master suite)

Option #2

I recently spoke with a man who is getting divorced and will be needing to sell a duplex that he own jointly with his soon to be ex wife. The duplex is well maintained and the idea would be that I move into one side and rent out the other side. Since each unit is a 2 bed 1 bath I will also rent out the available room in my unit. This deal will supposedly come on line in January since couple is still waiting for court date. My main concern with this property is that it is NOT a sure thing as no paperwork has been signed and waiting for this property will mean I have to forgo the other (option 1).

Details

Value: 288,000

Purchase price: 260,000

Rent per Unit: 880 (both units currently rented

Rent per Bedroom: 400

Option #3 (preferred) 

This option would be some creative way of purchasing both. By far my favorite. Haven't yet figured out how to do it.