To offset costs, I’m planning to buy a duplex and pursue a house-hacking strategy:1.Rent out one unit as a long-term rental.2.Live in the other unit and rent out the bedrooms as short-term rentals (STRs) through a furnished rental approach.Before diving in, I have a couple of questions:1.Can I use a property for both short-term and long-term rentals?

The streamlined approach minimized holding costs and maximized efficiency, proving the power of our strategy in identifying and executing quick-turn deals.

I would tell people today that if you buy a primary residence expect to stay in that home for atleast five years, especially with a FHA loan which has lower down payment as the current forecasts for home appreciation or very low which with closing costs on the buy and sell, it will take several years to have equity in the property and enough to be able to sell, so that is something also to consider.

Most sellers are going to want 20-25% down as it’s going to cost them 10% to sell.

Also you should inquire with insurance agents about the cost to insure.

I've done this on one house in order to cut costs - since then, I've added a meter with the utility company but it's a good workaround for the short term. 

My first STR, and plan on splitting between self use and renting to help offset costs. 

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

It is a small town, definitely a tertiary market right now, but that is where opportunity is going to be found.I think LTR, in the right location, can provide enough revenue annually to cover all holding and leverage costs while the resident pays down the principle and the demand in the city sustains slow and steady appreciation. 

Hey @Matt Smith 👋🏽I agree that it's not worth renovating the basement - too costly.