Thoughts on this strategy?  

There are calculators here to help modeling, but you need a strategy first. 

I've spent the past few months trying to understand the numbers, develop growth strategies, and learn the basics of being a successful landlord.

I need some experience with this so I recently started developing a strategy to find my first deal.  

We financed this home at 80% LTV through a local bank (here is where I would have saved my capital and gone with FHA or another low money down strategy had I had the foresight, but alas, "it is what it is" as they say).My plan is to eventually use 1031 to trade up to 8+ unit buildings, then parlay that into either apartments, mixed use, or commercial down the line.Going forward: House hacking the duplex is clearly not the ideal situation with a toddler and a newborn.

I do understand how that's rather desirable, giving you better cashflow, an exit strategy, etc.

There is good and bad with this strategy but maybe something to consider if you want more control but sanity as well.  

I want to keep going the route of my goal of purchasing distressed properties and utilize the BRRRR strategy.

Hi Rosalyn.The direction you pick really depends on your exit strategy.

Keeping the rental potential in your back pocket will give you another exit strategy.