Two Family House in Jersey City Question

[Martin Woll]

Hi BP gang!

I am purchasing a two family home in Jersey City. I am buying both units using 2 separate mortgages. I will be living in one unit and renting out the other unit.

What are the pro's and con's of structuring this place as 2 condo's with a HOA? My goal is to live in one of the units for 3-5 years and then move out and rent it out. I plan on holding both units for an extended period of time.

1. Should I structure the property as 2 condo's with an HOA? Is this good for insurance purposes or should I structure it as a two-family home?

Thanks in advance for any help!

Martin