Lastly, you won't be able to HELOC (or any cash-out equity) and 2-4 unit property in TX while it is still your primary residence.

I have the funds available today for the purchase of a rental property as well as a primary residence, but I also want to set myself and my wife up to reach financial freedom.  

Quote from @Erwin McClain: I had rental properties out of state but I have been renting rooms in my primary residence for over 10 years since my 2 boys have moved out.

These are permanent residents.

Investment Info:Single-family residence buy & hold investment.

And consulting with a local attorney to ensure compliance with state-specific real estate laws, plus making sure you have the necessary permits, is a smart move.As you start, also look into state-specific rules regarding contractors and renovations, especially if you plan to flip in different states from where you reside.

The property was my primary residence for a decade and now functions as rental unit so I am happy with the purchase overall and it has worked out well.

Areas that saw population bumps during the pandemic could see milder but significant demographic shifts, as will almost any area where effected residents have family, relatives or property available for immediate longterm occupancy.

Hey @Guan Hong Guo - yes combined income *assuming* all adults are on the lease (as they should be if they're residing in your property).

Subject: Difficult Tenant: Escalating Issues & Safety Concerns (Former On-Site Resident) - Multiple Witnesses - Seeking EvictionBackground:I am a landlord renting out a room in my property.