Newbie Help on Rental Property and Becoming a Landlord

[Nick Diecidue]

Hey BP Members!

My wife and I are newbie's and are looking to start our road to financial freedom. We currently live in Metairie, which is a suburb in New Orleans, and are currently looking to put an offer on a duplex that is listed at $175,000 in a medium demand area. We figure we will be able to charge $900/month per side ($1800 total) but also do not know the first thing about becoming a landlord or where to find tenants.

We also would be funding this deal with a Home Equity loan on our single family home. Would this be a good idea?

Any help would greatly be appreciated!

- The Diecidue's