Landlords make simple mistakes, lose a ton of money, kill themselves with stress, and then give up.If you learn to manage a property well, you will see true success.

I understand I may have to pay some expenses out of pocket but in few years with increase in rents, property appreciation and tax benefits can help in long term.

A simple LLC should work fine for your purposes (based on your post, I'm not aware of your situation entirely)

After thinking on it a bit more, I am going to look into the feasibility of a rent by room strategy to increase the cash flow and speak with some lenders to learn more details about what I'd need to provide to be able to consider these rents in my DTI calculation when I am qualifying for the next mortgage.

Are there ways to increase the income from the property?

To switch from the Electric trucks to petroleum based trucks.California will have a rude awakening when they see the electrical grid crash due to increased demand.

For instance, FHA loans frequently permit smaller down payments for multifamily buildings, increasing accessibility for owner-occupiers.Examine the Cape Girardeau, Missouri, local real estate market.

So if you're looking to get into multifamily, I would try to identify the people in your area who owns hundreds of units and provide them value in the form of property management, joining their brokerage and bringing them commissions, walking properties for them, starting a meetup to increase their brand.

Also keep in mind that your principal payment increases every month you have the mortgage.

We've batted around ideas by raising gradually - in two parts, 1 soon and 1 6-9 months later, and letting them know that and starting with increases soon on some people and in March on others.