New guy from Rochester New York, wanting to learn about Rentals

[Dennis Wheeler]

I currently live in a house my wife got from her family (At a discount, but not free), when they moved into a nursing home. It's old and needs plenty of work, and is at the low end of value for it's neighborhood (I hear this is a good thing).

We want to move into a better school district as we look to start a family. I want to keep our old house to rent out. Or maybe sell it to buy a better rental property.  We plan on doing that move in the next 3-7 years.

I just want to have another source of income to help provide for my family.  I would even be okay with this being a 0 sum rental (Some income, but enough to cover the repairs/etc), since when the mortgage is over it would then be profitable for us in the future.  It also would build equity in the mean time.

I don't know where to start looking yet.  I am curious what/if I should do before we move out as it is older.  If it's likely better to use our resources to get a multi family home near one of the colleges in the area.