You must occupy the residence within 60 days of closing and live in it as your primary residence for 12 months before renting out other units.Do this several times and you will have 3-4 performing (hopefully) 4 plexs (or tri or duplex) and then you can look at doing STRs.It would create a great base for you to work towards early retirement. 

Quote from @Mike Grudzien: Zach,Even private money doesn't like 2nd position.My 2-cents,Mike Yeah, was thinking more along the lines of close circle private money(friends and family).

You are missing the following:  capital improvements, working capital, closing costs, pre-payments, and anything else you will need to pay in advance.You are missing several income and expense lines. 

If you can be close to the 1% rule you're probably safe, but still run your numbers to be safe. 

Look forward to connecting. 

As I approach my 20th year as a real estate broker in Texas and my 30th year as a small business owner, I've decided to think outside the box and use what I have to get what I want.  The best way is to converse with l...

Can I do an LLC assignment closing to on my wholesale deals to avoid having to get a license?  

After buying one property how soon can you put yourself back in the market if you do have enough reserved for down payment/closing cost? 

Any deals, or are they mostly close to retail pricing? 

It would be a shame if the city were to force me to convert the duplex back into a single family.Would you be willing to connect?