My advice: don’t overthink it—your first house hack is about learning, so pick a strong rental market, ensure solid demand, and lock in a deal that gets you close to break-even or better.

Get SMLLC to start, you can elect S-corp when the time is right.This post does not create a CPA-Client relationship.

First time investor, hoping to obtain my first duplex soon, and this family land purchase is on the horizon as well.

One thing you don't want to do is to buy based on proforma and have a negative cash flow property, especially on your first deal.

Hopefully I am not being too ambitious given this would be my first ever home purchase.

@Georgy CherkasskyI'm sorry that I didn't ask you specifically for a response on this the first time. 

You can also expect increasing HOA fees, and there may be some problems renting a property inside a difficult.You don't have any experience, prices are at an all-time high, and rates are also high. 

I weigh more on making 3x rent and having great rental history of on time payments with no evictions, no lease violations or violent criminal history.

I didn't even have $1000 saved at that time and I was really just thinking of going the regular route of going through the banks and just save up as much as I could for a down payment on my first investment home to rent out.

(August 2022)
Single-family residence buy & hold investment.Current Value Estimate: $410,000

Purchase price: $345,000

Cash invested: $5,000