You also do not want to be too cheap and leave money on the table.If you do all of that you will be well on your way to being successful.  

Consider this scenario:- You buy a $400,000 duplex with 5% down ($20,000) at a 6.5% interest rate.- Your monthly mortgage payment (PITI) is about $2,800.- You rent out the other unit for $1,800 and maybe a spare bedroom for $500.- Total rental income: $2,300.- You’re still responsible for a $500 gap each month.Add in maintenance, unexpected expenses, and vacancies, and your costs can climb even higher.

This sounds like it could be a good deal for the partners, and perhaps the bank, but a terribly risky deal for you, with little upside.What exactly do you mean by, “There will be a promissory note drafted for the amount and the duration and interest rates”?

And, it ain't cheap.

Could be a higher rate, lower leverages, higher reserves, etc... varies by lender.Cheers!

Some can actually be pretty cheap.

However, if the FHA interest rate is lower, I would still go that route and if rates drop refinance  however keep in mind FHA has PMI for life  Here you go

Expenses went down and ratings / reviews went up.I did the switch after staying in an Airbnb that provided both flowers and local bakery goodies.

However, with high rates, the next mortgage would be very expensive, and a vacancy would be intensely expensive with two mortgages.

But in Smarter Contact, even though it's not required (if you're in the Elite or Enterprise Plans), they're strongly suggesting it and even have a report on "carrier block rate" percentage.