in property management in Florida without a license but that gets into a grey area (negotiating rent, changing leases, security deposits, etc.. needs to be done by a licensed agent).Some other states have a property management license you need to get to do property management (different from sales) and other states have no license requirements at all.It can and is confusing going from state to state and their requirements.  

Hopefully along the way your properties appreciate, you pay down debts  (mortgages) from operating income, and you get market appreciation on what you can rent each unit for - giving you more income each month. 

Sometimes properties with clouded title are sold using owner finance.5) Talk to a property manager to ensure these are good rental areas and the rental income is not artificially inflated by an unethical seller.6) Do the math on the repairs, monthly income, monthly expenses all make sense.

Rent                $2,600/month as MTR                           Vac (5%)         -$130                                                                                                  Main. (5%)     -$130                                                                                        Insurance  $97Cap Ex (10%) -$260                                                                                                Taxes $240Utilities           -$175                                NOI                 $1,905                                                                                            PITI+PMI= $3,846Net Income as HH (aka our cost per month)= $1,905 - $3,846 = -$1,941      My wife and I essentially split $1,941/month to live in our duplex in one of our favorite neighborhoods.So you may ask, "What about your ROI?!"

I bought a condo for my daughters to live in while at college and will keep renting after they are gone. 

If this sale happens, it will probably be a cash deal, at least that's what it's sounding like to me.The potential buyers concern is his ability to rent both upper and lower flats.

I was thinking of creating an LLC (which I will do in the future but not for my first property) and renting the house to the llc for the first year.

You can also target 2-4 unit multifamily homes like a Duplex or Tri-plex to help take advantage of the other unit rents.

It's hard to answer without knowing this.Hi Tim Yes I am buying it as primary residence, and plan to share room on first year, and rent out entire house on the second year !

The applicant makes 1900$ monthly and will be responsible for 689$ from the entire rent.