If there's a hole, it may be a red flag.b) sensitivity analysis: I examine all the assumptions, and make sure I can live with the worst case scenarios.c) "Stall and see": if they are getting money over multiple years, and there is no penalty for investing later, I would usually wait so I get some real performance data, versus having to look at theoretical pro forma information.d) Recession stress test: I will not invest in anything, until I subject it to recession level stress and see if I can live with the result.

I am new to BP community living in the suburbs of Richmond and investing around this region since last 5 years.

I lived in Muncie for 5 years attending BSU.

Should the focus be on completely separating the living spaces right now?

As long as you provide a safe and compliant living space you are a going to be a good landlord.

I live in Spring TXfor reference my mortgage, taxes, and insurance are $1840 each month, $385 per year in HOA fees 

If you live in one unit and rent out the other, you can break even or even have positive cash flow.

I'd like to get into a duplex or something, but don't want to live at the property.

Lived it in then rented it out.

There is some land near where I live that came up for sale.