We kept on looking (2,3 and 4 families) and ended up with a 7 family.

Based on looking at current market rates for individual rooms and complete houses for rent, I am thinking that I may be able to lower my housing cost this way.Potential upside:By paying myself rent, I could net 300-400 dollars per month when there are no vacancies.

I plan on looking into property management in about 6 months.

The podcasts are awesome for experienced and newbie alike.There are many ways to do this business but I would spend some time and planning on looking at what type of project you want to take on.As far as CPA's, GC's, RE attorneys, title companies, property management, etc.

Granted I haven't thought about it as in depth as I'd like, I plan on looking into this pretty heavily over the next few weeks.

Having a real estate license is helpful somewhat but if you aren't actively using it and doing deals, the education side does not teach you much on looking at values and putting an offer together.

So I'd still focus most heavily on looking for a distressed situation when buying, and not counting on an improving bottom line helping you out.

Using the 70% of ARV discussed on this forum we should be trying to get this property for $147,000 or less.In Chapter 3 Dealing with Owners in Financial Distress they discuss the numbers on looking at a income property.

Based on looking around the Denver metro area, I'm assuming that I could reasonably expect a duplex in so-so condition to be around 300-350k.

Asset protection from dissuading an on looker from filing a suit then yes but wouldnt that be indrect asset protection or "optics," only?