Monthly Rent + Monthly Debt Payments <= GROSS Monthly Income * 45%This accounts for some people who have outsized obligations such as car payments, child support, credit cards, student loans etc.

I would like to share a nightmare I am living lately.

Your first investment is best around your living situation.6.  

Hey @Deborah Williams, Multifamily Live is a virtual event from May 9-11th.

My goal is to live in this first property for at least 12 months (but realistically a few years) and have a roommate in the second bedroom to help offset the net costs.

Hey Mario, yes out-of-state investing can work well especially if you're in a high cost of living area.I invest in Detroit and live in California.

So from 2025, I’m thinking of living upstairs and running bottom floor (half of total RSF) as an STR.

In cases of environmental contamination, that can limit what could be there in the future, for example a former car repair shop (that you found the stale yelp reviews for) is likely sufficiently contaminated that it can only ever be something like that, you won't be able to put a daycare center or restaurant in there. 

The problem with that is two-fold: first there are likely existing assets that are not replaced that qualify for shorter asset lives so you're leaving money on the table, and second you have no cost basis for the removed assets replaced in the remodel as they're intertwined with the initial building cost basis so you'd technically still be depreciating retired assets which is tax fraud. 

However, there are tenants that have lived in at least one of the units that have been there for over 20 years.