I always run the numbers as a LTR to be safe. 500k is steep for a duplex but it all depends on what each side will rent for.

Offer a personal guarantee (reduces investor risk if you have the balance sheet for a PG to be worth anything).  

This will be a gateway question.

You'll find stuff on the market, you have to be fast.

Would having a highly insured property (1,000,000+ liablity) plus not being a negligent or slum landlord be sufficient and not require the use of an LLC? 

You will learn so much more being hands-on!

For calculating IRR, use the total cost of acquisition—this would be the mortgage balance plus the 50% buyout equity and any closing costs.Regarding refinancing, assuming the loan under the Garn-St.

If you know anyone who works in those markets that would be great. 

I suppose this could be a sign! 

It would be far simpler to put the $500,000 in a bank account owned by the LLC and you immediately own a fixed percent.