If you want to buy your first property ASAP, house hacking (duplex, triplex, or renting extra rooms) is one of the best ways to start with a low down payment while learning property management.

To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

This would raise our mortgage by ~ $700/month, which is a lot, but still makes our total mortgage payment well below rental on a 4bd, 2 bath.So, my question for the great minds of BP is, is this a good idea?

Does the revenue good enough at least to cover the mortgage payment?

Most hard money lenders require 10-20% down payment of the purchase price or total project cost.Holding Costs During Rehab: Yes, you'll need to cover carrying costs, including hard money interest, utilities, taxes, and insurance.

you may have to save up until you have enough money to do so - down payment, closing costs, reserves, etc.House Hacking: What Is It, How to Start, and Strategies for Successit's a more powerful way to get started. 

This is the equivalent of a car salesman pitching the "monthly payment" of a car instead of the actual price of the car.

It's probably going to mean paying points at closing, a high rate, and a serious pre-payment penalty (like 5 years). 

Let your criteria do the filtering for you.Regarding retention and renewals, the only time I have asked people to leave is when they have had rent payment issues and/or damaged the property. 

However if you have enough reserves, 6mo or greater then I'd say chance it but a couple of missed payments from the tenants and you have to foot the payments out of your own pocket.I'm all for taking risks but I think you really need to evaluate the age of the major systems so you don't get hit with a bunch of cap ex all at once as well as your reserves.