- If you want to live in one unit I would not get an LLC because you'll lose your homestead exemption and your capital gains exemption when you sell.

If they do need work and are in an area that looks towards gaining more equity, I will sometimes recommend going with a Fannie Mae loan so that you will garner more cash to do the rehab, then increase value and refinance later.

First, I would try to learn all about it to gain confidence. 

Having the experience that I’ve gained and spending time learning about the financials of owning a rental, I feel pretty good about being able to look over a listing’s presented numbers and recognize anything that doesn’t seem right.

Buy in areas that you know well and base your purchase on the type of return or gains that you want.

My primary home has gained its value more than 500 K since my purchase.

What you will learn will be far more valuable then what you will make on the deal.

It is my understanding that job loss would allow you to prorate the capital gains taxes on my residency.  

I found with real estate I had more control, and higher & more consistent gains so I focus on that.

I am located in Saint Joseph, MO and I am currently in the process off purchasing a house hack, but would love to gain some experience on the flipping side of real estate.