This would be my first real estate investment, making the decision even more critical.I understand that backing out would mean losing the $2,000 earnest deposit.

They have a ton of really valuable and good information with their webinars, etc. 

If I was the buyer's broker, I would have checked myself to protect my client.If they had, then they would have found out it was not a three family.

Would this be a feasible plan?

Do you check Landlord references?

Hi Franklin, glad to have you as part of this awesome community! 

It depends on where you want to live, income, personality, and other factors.You could buy a large home and rent out the individual rooms to cover expenses, but this comes with problems.

I'm doing this exact thing right now- I've been pleasantly surprised by how many people in my network have resources, cash and interest in something like this. 

Since you have verified this couple owns the property, you are good there. 

Check out this podcast from BP, with Dave Meyer and Chris Clothier from Nov.we work with clients all the time in your situation and can help strategize your portfolio to reach your 10-15 year goals!