I am in north Jersey and just purchased a 2 family.

I inherited the lease at purchase.

I am getting ready to purchase my first rental property, and am going through the process of what I want my leases to look like.

Purchase price: $750,000 Currently operating as a 9 unit mobile home park with single family home

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

Purchase price: $588,000 Technically a duplex but its a single family home with an ADU built into the home using the space above the garage as the ADU living space.

It has gone up ~$300k in value since purchasing. 

Hi all,My wife & I sold our duplex in 2020 and used ~ $60k of that as a down payment on a town home for our growing family (purchased for $345k, 30yr @ 3.5% in 2022). 

I had a lease option contract with the owner at a discounted purchase price ( $120,000 ).

Is it better to first purchase a primary home for myself (living in CT), and if so, does it matter whether it’s a house or a condo?