What to expect when buying and owning a duplex?

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I agree, side by side is a nicer and more private living experience. But not all areas have them. Given an otherwise equal choice I'd always go that way. I think (in this particular situation) that you have a slight advantage in selecting a tenant if you tell them up front that you live right next door (or upstairs) and like to keep a pretty mellow environment. If they are big time partiers (or worse) they tend to be be less interested in a place with "onsite supervision". I rented to a lot of young people- several college students, a high school teacher, a single mom & kid- they were mostly interested in living in that particular neighborhood, I don't think the apartment vs. duplex thing figured in to it. I also agree that separate(ish) yard is a nice feature if you can get it. You are more likely to appeal to families that way (good and bad there too, of course)

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If the property has a lease (fixed term agreement for more than one month) it stays with the property. You have to honor the lease or buy the tenants out. I'm assuming VA means Veterans Administration not the abbreviation for Virginia. If you need to Owner Occupy (OO) then write into your contract that the unit you want to live in must be vacant at closing. Let the current owner get them out. It will make your offer less attractive if you are competing but don't know unless you try. Ask an insurance agent what type of insurance you need, they will know. Usually on small properties insurance is less cost on rental than if you owner occupy as they don't insure the tenants belongings but if you OO then they are insuring your possessions. As for the lack of comps, it's something you have to deal with. It may become an issue if the property does not appraise at the value of your offer. Cross that bridge when you get there. If the property is occupied, the current owner may share information on the current tenants but they may be limited by credit laws which don't allow just anyone to see someone's credit report. You can not go out and do your own screening unless you obtain the tenants permission to do so. Learn all you can but the best way to understand what type of tenants you will be purchasing is to review the screening process of the current owner/property manager. Know this, most small time landlords do very little screening. They do this until they burn out and sell to you. A poorly screened tenant can be anything from the best to worst. You have to size this up during the viewings and dealings with them while you are purchasing the property. If the current tenant won't let you in to view the place or the current owner refuses to grant you access and inspect every part of the property then move on. Maybe after doing a few deals you might consider this situation but even seasoned investors don't buy property they can't see unless they are buying it for less than the value of what they can see.

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Account Closed no you can't do an LLC with a VA loan. You can't do an LLC with any conventional residential loan products, you would be looking at commercial/portfolio loans with higher rates. You're not to the LLC possibility yet, so for now I wouldn't even bother worrying about it. Honestly don't get too wrapped up in all of these nuances right now. You'll end up chasing your tail. Focus on looking for a property right now, then worry about what to do if both sides are occupied if that is even an issue. Many duplexes get sold with one side empty or on MTM just for that reason, because the seller knows that might be who is looking to buy. You'll figure out what questions you need to ask much more efficiently and faster when you actually experience them as you search for a property.

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Account Closed the reason people choose duplex over SFH to rent is primarily price in my experience. Here I typically rent 1/2 of a SxS for 5%-20% less than a SFH. The reason they choose duplex over apartment living is more privacy but not everyone can afford the added cost.

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Sorry for the double post, the Bigger Pockets App was acting up and for some reason I wasn't even done typing yet when it double posted. But yeah, it's still good info none the less and we really appreciate the great advices we're receiving. Some of the questions I asked were actually based on the duplexes we've seen that are up for sale.

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Yeah, you're right. That's too far out of my reach. But it's still good info none the less.

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What would your advice be on LLC's? I'm not sure if I can take out a VA Loan under an LLC but if it's worth it, we might consider that approach once we're in a better position to do so.

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I'm going to go ahead and be straight forward. What type of tenants do duplexes usually attract? What would their reason be to rent a unit in a duplex rather than an apartment?

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Thanks for the advices everybody. We're more inclined to get a side by side since it looks more convenient than an over/under. Based on your experiences, what are the advantages and disadvantages of having an over/under? same question goes with a side-by-side.

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My experience with occupied properties, is that the occupants know the property is up for sale and typically can be given 30 days notice to move from the current owner/seller. You do/should have the option to keep the tenant (request the file for occupant- rental documents, lease, security deposit information ) if you would like to consider keeping the current tenant. Or request the property be vacant upon closing or your final walk thru to ensure that they are out and you don't have to absorb the cost/time of eviction and are in compliance with the VA loan on moving in. Based on the area in which you are looking to acquire this property, familiarize yourself with the Tenant/ Landlord Act, so that you are in compliance with the laws from a landlord perspective. Some areas I hear you have to register with the city. When you are touring these properties, if the tenant/occupant is home I would ask them a few questions to get a feel for them.