Some benefits I have noticed while househacking in my triplex:- I am at the property daily and can stay up on any maintenance and issues without having to remember to drive by or check in with a property manager- Rent collection is as simple as a door knock.- Tenants generally will be less inclined to try any funny business because they know you are right next door (or above/below them)- It's more conducive for learning as you go.- More favorable loan and insurance terms for an owner occupied property.There are also downsides such as:- Less privacy- Blurring of the landlord vs neighbor relationship- Can be harder to be the "bad guy" on things because you see your tenants often.

I also eventually knocked out credit cards, car payments and all 'bad' debt. 

In the extreme case, it's just the landlord collecting rents by knocking on the door and taking cash based on a verbal agreement. :)Usually, the bigger the deal, the more sophisticated the operator is, and thus better records.So if you're doing more smaller deals, you may have to settle for less, but you can try and get creative during due diligence to verify your underwriting assumptions, like knocking on those same doors and getting a signed estoppel. :)James

I had to tell my dad, because I knocked the door off the rails. 

If you have little money to work with, then use your time... post ads on Craigslist, attend your local REIA and any other Meetup groups, network, door knock, do Driving for Dollars, hand write and stuff your mailers, etc, etc, etcIf you have the money but not the time, then you pay someone to do the above things.If you have neither the time nor the money you won't make it very far...

I have tried Direct Mail, Driving for Dollars, Door knocking, Property Tax Lien list, craigslist and develop a referral network with an Estate Sales company.

My best was 3 months for a 1800 SF colonial gettinf walls knocked out, kitchen, baths, roof, windows, siding, driveway, boiler, electrical service, not quite a full gut, but close.

I started off by knocking on the doors of doctor's offices selling diagnostic equipment.I worked my way up through the ranks from regional sales manager to national to director of sales - I had finally made it. 

My goal is financial independence in 10 years via building my business into a large practice while investing in buy and hold rental properties.I know I basically need to knock out the debt, and save up for my first down payment. 

@Joe Villeneuve Has knocked it out of the park.