Plus, building those relationships with contractors and suppliers while gathering numbers can lead to better deals down the road.

If they are taking out a few breakers and a fire happens insurance will typically not cover anything.

If you do outsource, some management companies will cover various things like cleaning, supplies, etc. so look into that as well. 

The reality is that insurance will cover your 16-year-old's accident.

I would offer it on a land contract to someone wanting to live there for around 1500 and small down payment or sub2 with a large down payment and monthly that would cover PITI.

If one or more units are vacant, the remaining units often don’t provide enough cash flow to cover expenses, making it harder to meet operating costs.Maintenance costs: A fourplex comes with four times the appliances, plumbing, HVAC systems, and other components to maintain, leading to significantly higher repair and maintenance expenses than single-family homes.If you want to see the detailed calculation, read this BP blog - More Units Doesn’t Mean More Money—Why a Single-Family Home Can Beat a Fourplex.Resale value: Multi-family properties have a limited buyer pool—mainly investors—who base their offers on CAP rates.

Covering a significant portion of my mortgage has been a great reward.Solution: My four levels of vetting have helped me find quality room-renters over the last 18 months.I think you already have the answers to your situation.

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

House hacking lets you live in one unit and rent out the others, which can help cover your mortgage and generate some extra income.

Until then, hopefully you can charge enough to at least cover your expenses.