Quote from @Allison Cutlip: Hi all, My boyfriend and I are buying our first home that is a duplex, planning to live in one unit and rent the other side.

To avoid pitfalls, research liens, check property conditions, and set a max bid before buying.

They’re buying themselves a job.

I buy in the 220-260k range.

I wouldn't recommend setting up an LLC out of state if you are buying in Tennessee unless your tax advisor is looking to help you on strategy.. but from a numbers standpoint, it really doesn't make sense when you start adding up on all of the annual LLC reporting fees from different states and then it starts cutting into your cashflow.

Investment Info:Small multi-family (2-4 units) buy & hold investment.

-------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Quote from @David Lambert: Hey David, I have experience managing properties for my mentor before going out and buying my first one.

To buy or not in Portland!!!!  

Think of it like buying an existing performing business.