Hello everyone, I am looking to buy a single family house that has been converted into a duplex.

Where I'm located in Cleveland you can have a tenant of a single home put the water bill in their name.

Look for a single fam that needs work but that has an inlaw.

Even if your first rental breaks even (on paper), and you buy a single family home instead of a duplex, that still leaves you with buying power of about $2378/month.  [$3500 - $1122 = $2378]You can play around with a mortgage calculator to get an idea of price range. 

I have $10k in profit, and my original $500k back to lend to the next person.Let's say I flip that same $500k 10 times in a year.I just earned $100k on $500k.That's a 20% ROI.In reality there's a lot more going on, various estimates say the net cost to originate a single loan is $4500 to $8500 mostly due to Dodd-Frank and CFPB... probably 0.5% of your interest rate is just that alone.

Even the registration only has my name as well as the receipt and every single other paperwork they gave me at dealership. 

For example, a 3bd 2bt single family like the one I'm looking at is around $1700_$1800 vs same size brand new condo would be over $2500 and people still accept to rent.

So while the process of issuing a note is very "clean" on paper, it might get messy in the real world.I just bought a nice single family in a top suburban neighborhood and rented it out to the retireing baby boomers with 200k income for top dollar.

When you started to invest in Real Estate you likely decided on a single or maybe two strategies you wanted to employ.  

Current house hold income is 140-180k/yr with minimal debt besides primary mortgage.