We have been flipping houses mainly and started 1 1/2 years ago.We are up to house #15I recently bought our first multifamily -  3 family in West New York, NJ at a Sheriff forclosure auction.  

Although it's expensive, it effectively keeps us top of mind with our sellers and buyers, providing features like email open rate tracking and call recording.

Cash reserves from flipping houses.

HI Jordan,You can always start off by house hacking meaning you live in one UNIT or ROOM and renting out the other vacant units/rooms to offset your monthly mortgage payment.There are several ways to run and make sure you are maximizing your rental income while keeping your living expense as low as possible.

Hopefully, someone will jump in with more information for you.When it comes to financing, I always start with Andrew Postell with Guaranteed Rate.

This would be my very first rental.I have an opportunity to buy a house from an old neighbor for $425k.

.- lower turnover- easier on the units when they do move- quiet and less disturbance than traditional, younger- for fixed income, consider partnering with the local housing authority for SEct 8 vouchers, then raise rents accordingly - guaranteed money & the Sr. only pays a portion (if they qualify)Traditional renters- Higher turnover- Higher turn costs- More volatile - higher bad debt- More drug related activities- Adding in children that are hard on units- Higher eviction rates and legal costsConsider all angles before making a decision with the changes. 

Her lease ends in Jan 1st and we’d probably look for a new place.I’ve been thinking of house hacking here in the Utah county area.

So you would have to get a commercial loan if going straight to the LLC - which usually has worse terms (shorter rate lock period, shorter amortization schedule).USUALLY, you can borrow personally and then deed it to the LLC after the fact and as long as the LLC is owned by the borrower you won’t trigger a due on sales clause.  

Thanks,Hey Joel,If you are tight on PITI, then I usually recommend looking into an interest only loan, maybe on a 5-10 year IO plan, to lower your payment and see if you can squeeze it in.Plus, rates are starting to dip a little bit, so it makes it a little more doable, especially if you just do a rate and term refinance to help keep your rate lower.