I'm looking to purchase my first property with my fiancé (both 25) with the goal being to establish our primary residence together, as well as giving me the opportunity to add equity/value via rehab before moving on and converting the property into a rental within a year or so to kickstart an investment portfolio.An interesting lead that recently came up is my parent's neighbor's house.

I assume a higher upfront cost as far as land purchase and the actual build but you would have a brand new house, instant equity and hopefully maintenance free for quite a while.

They bought their house near Lucca, Italy.  

A 50% LTV on a $120K house at 7%, 30 year Am results in a $400/mo interest payment.The cashflow on your existing duplex goes to $1,000 per month, but now you can buy another just like it so yoru cashflow goes to $2,000 per month.  

You do not actually need any income if they have high enough income to afford their bills plus your new house.

For example, maybe you will get to 10, 20, 30 houses and then find an owner who has a large portfolio and all of a sudden you are at a high door count and now need to hire, need to build your policy binder, and all the other stuff that comes with running a business.

On the 15th year, the investor and I will discuss together whether we want to sell the house OR continue receiving cash flow.

Quote from @Vanja Dimitrijevic: Hello, I've been researching BP podcast and resources and am looking into buying another property to downsize from the current one but wanted to use the equity in my current house to purchase a new house in the area.

Pros: the cabin will be able to house our entire family, easy process to refinance.

I would keep rent a little below market, then split the monthly bill between the tenants on top of rent.Old houses in cold climates get expensive in the winter.