That’s great advice Taz, I’m currently working on saving enough money to get started, house hacking is hard for me at the moment because I just bought a house 2 years ago, I would have to sell my house(which is in a great neighborhood great location) and use that money to fund the duplex which isn’t totally out of the question, I would like to keep the house if possible but also would like to get real estate investing more.

I took the next 5 months to tackle everything myself spending approximately 17k in supplies and tools + paying a plumber and roofer 4k total to fix those issues.

The calculation uses the following formula: Total Rent Potential x 75% ≥ PITI (plus HOA if any). 

@Adedotun Kembi Most lenders will only lend a total of 65-75% on a rental and at much higher interest rates due to the higher risk.

Quote from @Brian Malavsky: Totally agree with everyone else and I didn’t see anyone mention an “Umbrella Policy” I just got quoted this week for $1,000,000 coverage for only $350/yr.

Totally up to you.

I'm so glad you brought up trash, totally slipped my mind in my eval.

We bought a new build years ago (and sold it 3 years later when the market turned up) and our TOTAL cap ex was $550 over the 3 years. 

I think this totally depends on the investor and how many projects they are doing in a given year.

The land is on two tax lots so my plan is to sell the extra lot immediately after closing for a projected $275K.The property on the other lot will be a fix and flip with projected costs of $240K and an ARV of $750K.I plan to use a PML of 2 points and 12% APY for 70% of the total cost.