Seeking some advice on my first rental

[Philip Scott]

Hello everyone I have a unique property I’ll be renting out in Boyd, TX in the next couple of months and would love to get some feedback on my plan. First off the property is over half an acre in town and has three different structures on it. The main house is a 4/2 2500 sq ft that was built in 1900 and needs to be updated before it could be rented it has a newer roof and stays dry but needs new windows plumbing and electrical as well as some foundation work so it’s on the back burner for now. The space I will be renting out is a 46x72 shop house that was built in 1999 it has a 1500 sq ft 3/2 living space that has recently been renovated (paint texture, HVAC, flooring, bathroom kitchen cabinets and fixtures) the shop space is 1800 sq ft. And finally a 800 sq ft. House that needs a complete remodel but has been gutted. My plan is to rent out the shop/shop house after I move out and fix up the 800 sq ft. house make it a 2/1 and use it as a possible short or medium rental I guess my questions are what should I be weary of? The property is zoned single family should I check with the city before renovating the smaller house? Any advice from someone with more experience would be greatly appreciate also I’ve already been offered $1800 a month for the shop house and my conventional mortgage is $1200 a month so starting with some cash flow shouldn’t be a problem. Thanks Phil.