Sold my house, looking to become a landlord.

[Timothy Smith]

Basically, I am looking for a little advice for anyone who is interested in giving it. I am a builder/GC and I flipped sold my last home in November and have been renting with a family member since then. I am also renting someones land as I have all of my tools and furniture in two separate trailers. Everybody knows the market is high right now and rates are rising as well. I ideally would like to purchase a property with a house already on it, and build myself a garage with studio on the property. The home I was looking at is built in 1900, has septic, and is in overall decent condition. Its also in a nicer area of NJ. Basically, I am wondering if I buy this property, can I build the garage with studio, live on the property while renting the house in the front? I would prefer to move out of my family's house, and have something of my own while collecting rent. I think the ROI would be roughly $400 a month. Ive also checked another home built in the 1700's that's significantly less in price and also has large property, but Id prefer something a little more turn key. Any advice on what I should conquest here? I am trying to get started with owning rentals and building wealth. Thanks!!