I understand that I should have a separate bank account from my personal checking/savings, but based on my research, this first deal won't necessarily provide cashflow with me living in one of the units (it will when I move out).

I regularly argue that Dave Ramsey provides excellent, sound, time-proven financial advice that everyone should apply to their personal finances.

We're great at finding deceased owners, and working with the Heirs to name a Personal Rep, and ultimately buying their property. 

It's been a rough six months, but it doesn't impact me at all because I have enough cash flow to handle it and I don't live off my cash flow.I see so many people build portfolios quickly by over-leveraging and then living off the cash flow.

For me personally, I've been in the niche since 2007.

As long as it will pass an appraisal and not be "Subject to" major issues you can get a renovation or personal loan for work.Unless you are cash fluid and can add some cash back into the property and then pull back out on the ARV refinance.

I'm personally not a fan of no cash flow.  

He will be a first-time landlord and I asked him if he would allow me to help him through the process of putting a tenant in place and managing it just to learn the proper flow of how it's done and to get a strong handle on the systems that will allow us to do it.

If you get a bad tenant, the rest of your tenants have to live with this person until you can successfully evict them.

. 🤷🏽‍♀️ Im not the only person that has this issue.