Guys - I was just quoted $5000 for the Trust package (Trust, Will, Living Will, and Power of Attorney), plus $1660 per LLC, which includes one holding company in WY and however many other LLC’s you want to start.

@Heather Bailey while I live in my duplex, I have a standard Hazard insurance policy and I also carry an additional 500k umbrella policy (optional); both policies cover the entire building, but there's no separating it. 

We have another park with a free space rent manager and as we have raised the rents he continues to live there for free. 

There are some exceptions, but the HOA dues normally kill your returns and there are all kinds of other issues having tenants living close together. 

I won't be able to make the cottage legal rental without living in the primary home myself.

I needed to buy my first investment and also needed a place to live.

I called and emailed Nomad daily and could not reach a live person, even in an emergency.

If you’re just starting or want to minimize risk, house hacking is a killer move—grab a duplex, live in one unit, rent the other, and let it pay down your mortgage while you scale up.

After 4-5-6 years then maybe roll them up into a small mulitfamily.Another option if you have the credit and some capital is to buy a 4 unit as owner/occupied and live in one and rent the other 3. 

Not sure if this will go against the culture here but if I read correctly and you are considering tying up your primary residence to an investment property please reconsider leveraging the home your family lives in.