@Mike Sedlacek, it's great to hear someone has executed the plan I'm going to attempt, with great success nonetheless.Unfortunately, this first property is a SFR, but when I start looking for investment property #2 in 6-12 months it will be at least a duplex.Question:  Do you mean $100,000 in rents collected, or do you mean $100,000 a year in pure, after all expenses, passive income?

@Tim Spjut,   I think your first investment as an owner occupied multi-family dwelling is pure genius!  

Hello @Lucas Miller and @Andrew Boettcher :Actually, my point was more pure math.....If I am paying $1400 a month in rent now, and I but a duplex where each side rents for $2000 a month, I am losing money if I occupy one unit just based on the rents.I went on to mention the tax issued that were in addition to the numbers above.Taxes weren't my main point so much as they were icing on the cake.Bob

And as a newbie, I absolutely did not micro manage the rehab since there were no cost overruns and it was finished timely (it wasn't a big project though) @Nick McKinnis I considered buying a pure turn key property but when I learned that with hybrid approach, I would have some equity from the beginning and wouldn't be paying market price...that was a significant factor in going that route.

"Pretty much everyone in a certain area" is not a targeted list and getting a deal from that would be pure luck.  

This property is in coastal SC and soil tends to be sandy but this property is pure clay.

Now this is purely going from your numbers.

Now, if the GC can show that those fees were for running the internal house besides the pure labor of those performing the work or materials, then I can see how that can start to make sense.

My niche is families as I bought near shopping & schools to draw that kind of tenant.Again, purely a personal opinion, families have commitments to the community that singles don't have.

Follow your heart and pure desire first; especially if you are young.