@Allison Zittritschget started with a long-term rental first so you understand the moving parts of owning a rental and managing,  then branch out on the next one and get an Airbnb. 

Hi Nathan, It's important for buyers to carefully review and understand the terms of any seller financing arrangement before agreeing to the terms.

I was mainly just trying to understand what was the situation.

I understand the risks.

I see it says this: "Basement has 2 separate apartments; one studio and one 2 bedroom"To make sure I understand, does this mean that this has three units? 

The electric company installed the new meter for free after giving me a credit for adding laying the conduit required for the 200amp to 400amp upgrade.As for the 1/2" (non fire code) gyp, my understanding of the code is that a 1 hour rated assembly is required between "dwelling units."

From what I understand they are more lenient on this than some downpayment assistance programs are.

No activity though.A lot of people tell me that I should obtain my Real estate license to convert our rentals from passive to active income, but I don't exactly understand how that will help.I'm not looking to be an active real estate agent, but was thinking of obtaining my license to become an associate agent to fulfill the hour requirements and just for fun.Is this the right path?

The self-managed part is easy enough to understand, but it's the "need to live in it" part that I am maybe not understanding. 

Best is to work with a local realtor who understands the market best