It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees.

Most of these duplexes were purpose built by German immigrants in the 1920s with the idea to rent out upstairs for extra income.

Lots of properties that are 2nd homes, self-managed by owners who are just hoping to make a few extra bucks, not running a serious business. 

Meantime, there's nothing stopping you from putting any extra funds you do have (starting with the lazy $5k you mentioned) into EXTRA principal-only payments!

Getting the lowest balance out of the way is usually the quickest way to start snowballing extra payments into other debts you want to clean up. 

We don’t want to nickel and dime our tenants, but we see the value and it brings in a little bit of extra income.  

That means we have to come up with an extra 1% cash to pay our agent if we want to purchase one of those properties.

On the other hand, if you want something simpler or closer to home, a single-family home might work better.Since you need more space for your growing family, consider looking for properties that offer both extra room and good investment potential.

Issues like contractor delays, supply shortages, or unforeseen repairs can extend your timeline, which adds to your holding costs (mortgage, utilities, etc.).Tip: Factor in extra time for delays and have a backup plan to stay on track.Over-Renovating: Many new investors fall into the trap of over-improving a property, especially when they try to bring in their own taste.

You probably don't NEED a CPA or lawyer for help getting an LLC, but if it's your first time the extra money to know it was done correctly probably doesn't hurt if you can spare it.