Do you need to live in your investment property?

[Ikhtiyar Uddin]

I am about to close on a 4 family property. This is my first investment property. Some folks are recommending that I live in one of the units or the basement so that I take better care of the property and better control the tenants. But I am not sure if I want to share my privacy with my tenants or get too close to them. i can either live in one of the units or the basement or rent the whole building out and rent an apartment nearby with the extra income from the rent. Since this is my first property and have never been a landlord before, I am not sure which way to go. What do you guys suggest?