Owning a duplex, back to renting strategy?

[Devin La Croix]

Okay, I have not heard of this strategy but I had an idea. Right now I own a duplex, I live in one unit and rent the other for $1400 per month. My mortgage is $2450 monthly. I’ve been in this unit for almost a year now and I’m thinking about moving out and renting an apartment for $1000 a month all utilities included. I would rent both units out and should get $350 in passive cash flow. The apartment will be 10 miles to work instead of 40 miles (saving money on gas). I’ll be splitting the rent 50/50. I’m trying to buy a second multi family. I’m close to saving up for a down payment but it’s taking forever! I’m hoping to do this strategy in order to save month quicker to buy the next property. What is your thoughts? 

ie. The apartment is owned by family and I wouldn’t be tied down to a lease.