If you finance conventionally you don't have that limitation, but you can set your own goal. 

In my area these are rare so they are difficult to set market rent, and I imagine get a lot of wear and tear with a lot of occupants living there. 

Regardless of having or not a license how do you make sure the first investment property sets you for success?

As for soft costs, you’re looking at a fair amount for a condo conversion-there are legal docs to have drawn up, reviews, surveys, recordings, setting up the HOA, reserve studies etc.

I'm new to real estate investing, but have thrown myself into learning as much as I can by joining a Veteran based investment community, have been working with my realtor and looking daily for potential multi family properties in the Dallas area for house hacking, which I've set myself an deadline to be completed by May.

Common fees will include a set-up fee, a leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

Say a "partner" comes in and it's say the unit is set, rent stabilized with a 3yr term. 

Now they are required to obtain a commission agreement before setting foot in a property to show it to you. 

We’re fortunate to have an above-average income and live well below our means.This summer, we’ll be moving to Detroit (PCSing in August), and we’ve saved about $120,000 to invest in addition to having funds set aside for the home we’ll purchase in Detroit.The reason I’m posting is that I’m struggling to decide how to best allocate the $120k.

Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.