Completely new, considering purchase of building to live/rent

[Dustin Beam]

Ok, so long story short, I've been reading about residential income property for years. Still haven't pulled the trigger. I want/need the first property to work or I probably won't every try again, so that's where the hesitation comes from.

So why am I posting in this forum? :)

I'm posting here because I've considered moving into the city from the burbs (Kansas City) for quite some time. I've also considered getting into commercial real estate investing as well as residential, but have been a little intimidated. I mean, I've been a residential tenant, but never a tenant nor a landlord commercially. A property caught my eye (that I'm checking out tomorrow) that is multi-use. I would ideally live on the second floor and rent the bottom floor. Two birds with one stone, possibly.

Besides general nervousness of it all, I don't know the best way to really evaluate what I can expect for rent on the bottom floor. Nor how long it would "likely" take to get occupied. I also simply don't know what I don't know.

How would you advise I should start? Any advice or good links are welcome.

Thanks,

Dustin