Tenants pay for gas and electric, owner pays for water.

Take the remaining money and pay off the loan on a SFR rental we currently own.  

Plan currently is to offer a six month lease when their current lease ends to have it end in summer, with the thought that at any point they would give me their notice of vacating hopefully with atleast 30-45 days to find a new tenant.

You’re in estate planning.  

We do plan to require the tenants to carry their own renter's insurance, too.What did you look for or consider when selecting your landlord insurance?

If you don't allow them to stay, they will likely need to go to a long term stay hotel or something else similarly expensive PLUS pay for storage for their belongings, PLUS pay to move their belongings twice rather than once.

Another lesson I learned was to have a more concrete scope of work to help create a more accurate budget and to add a buffer in the plan for things that come up that are unexpected.

We’ll also collect rent and pay expenses via our LLC and its new respective bank account(s).  

Many 401k plans offer a loan option for a real estate purchase if you plan to live in it. 

The unfortunate reality is that the national average is around 28k for hairstylists.I own my own salon suite, and believe it or not it's the most money I've ever made in my career so going back to a traditional salon is not an option I plan to pursue.I was planning to so a small multifamily (duplex or triplex), live in one side and rent the other out (my boyfriend would also be paying me rent as well).There is no shame in what you earn!