Vacancy

[Lathan Cram]

With multi-unit property is vacancy a common thing? How much in reserve funds do you all keep stashed away to cover the expenses when a unit(s) is vacant? Also, is it a common thing to not be able to find a tenant for a long time? Say, 6+ months or so? See, I plan to one day buy a duplex with an FHA loan, (assuming I meet the requirements) and living in one of the units and renting the other out so basically my first home will be my first investment as well but I fear that I won't be able to find a tenant and then I'm going to dig myself in a hole of debt. Is it possible to avoid this all together by finding a duplex that I can afford to pay the rent on whether or not I have a tenant or is that a rare case to find something quality and that affordable? Keep in mind I am someone who doesn't make very good money as of now.. (a couple dollars above minimum wage.)

Also, while I'm mentioning multi-units, would you all say a duplex (me living in one of the units) is a good first investment? I originally thought about doing a 4plex so that if a tenant moves out the other units will still most likely have the expenses covered but then I got to thinking if something happens and I can't find tenants, then I'm even more screwed with a 4-plex than I would be with a duplex. Thoughts?

p.s. I'm in Florida, if that helps any.

Thanks,

Lathan