Choosing my First Investment Property

[London Stewart]

Hey BP,

My father has agreed with being on board with helping me purchase my first rental property. At this time, it seems like he is only comfortable with putting down $20,000 on this investment.

We plan on finding a property in the Minneapolis area. He wants to do a duplex, but we are still weighing the pros and cons about a SFH vs. multifamily homes.

Do you guys think I can find a multifamily home that is worth $100,000? 

Is it necessary to set up a LLC right away before purchasing our first investment?

Any advice about buying my first rental property (tips about financing, location, insurance, etc)?