Hey BP, I help a lot of new investors and Househackers get their first property and I see people running into similar mistakes. So I wanted to create this post to help those looking to make their first investment! 

1. Find a solid Realtor with investment or househacking experience that aligns with your goals

2. Know your budget. Without a preapproval you wont be able to narrow down your focus and know what you can afford

3. Target "built as" mulit family. Might be tough from area to area, but I typically find that homes built before 1950 that were converted from single to multi family are 9 times out of ten - a full gut rehab and way too expensive for first timers. This is because it was poorly converted, improperly done, "patched up" over time, and might have mixed up mechanicals etc. Just a headache and full gut imo UNLESS someone already did a full gut rehab within the past 20 years or so

4. Don't always look at "pretty" homes. Another expression for this is "lipstick on a pig." Your agent should be able to point out if the property was properly renovated or if they just slap something together to make it look good right before sale. Your mechanicals and capital expenditures are a lot more important and more expensive to fix than a pretty kitchen. its better to live in outdated kitchen and have a well kept home with updated mechanicals/roof/hvac than one that looks pretty but will start to crumble

5. Typically owner occupied multi families are the best kept. Owners care more for their property and usually keep up with capital expenditures. Often times you'll find these properties to be a little bit outdated, but are in great condition and extremely well kept.

6. Don't worry about what the leases are today. If they are below market rent, that is OK as long as there is room for improvement and tenants won't be an issue. I purchased a property before that had way below market rents that were locked in for a year and after a year I raised those without doing any work and was able to get them to market rent. Don't look at what is going on today, but what the property can be in the future.

Hope this helps and happy investing!