From experience, finding a knowledgeable accountant is key for handling taxes effectively, especially when splitting expenses, claiming deductions, and managing depreciation.

Additionally, I have $100,000 in cash in the bank, and my monthly expenses for my home and family are around $3,500.My wife earns between $100,000 and $120,000 from her W2 job, while I've recently lost my job but found a new one that pays $65,000 a year.

@Austin Brummett i would say do it if you plan to stick around. 

This would be in central Jersey which is still a hot market as a result of record low inventory.I am planning to do this strategy since I want to put low money down (10%) on a construction loan and achieve a quick build to lower my holding fees. 

If you had to hire an attorney on your own to advise you on this stuff, that makes the self-managing rather expensive. 

Second pro is that you get to lower your living expenses or live "rent free" by having your tenants pay for your mortgage payment.

@Jaycee Greene is pointing out that we need to be specific when we are planning to meet with people.

I don't recommened MTR being your only plan in Janesville.

Good luck, My wife and I are starting also, we also plan to do the BRRR, method,would love to talk more, maybe shares some do's and dont's that you may run across and we could share the same info to you. we are in the st louis area

I am in contract for a duplex in Grandview where I plan to live in one side and rent out the other