Newbie looking to House Hack a Multi-Family in Bloomington, IL

[Alex Welch]

Hey all, I'm new to real estate investing but have been trying to soak up as much knowledge before I go through my first deal. I'm looking to buy a Duplex or Triplex in the Bloomington, IL area and live in one unit and do a House Hack. I recently got pre-approved through a lender for FHA financing with the 3.5 down. I found a property I'm pretty excited about but am wondering what I am missing/what are the biggest blind spots for new investors? Is anyone struggling to find tenants or collect rent because of the COVID Pandemic? What other major concerns should I have while buying my first rental property?

The Multi-Family house I recently found is a Duplex near 2 colleges and at their current asking price seems like a steal. I still need to go and actually look at the property and hopefully try to find out why they're selling.