Cash flow can be inconsistent for one single residential property.  

Michael,I am planning to buy/hold.I only own one property my primary residence which is just a single family home.The value of my primary residence is 80k.Thanks for the response!

My crystal ball sees you in a single family home in a nice town in Westchester somewhere.

You see, over the past year I have invested in 3 very modest but positive cash flowing single family homes in 3 different states.

LENDERS won't count your 1st property's mortgage against your income if you have a signed written lease and 6 months verified tenant paid rents.DON'T BUY YOUR dream home now, buy the most rent-able  property: a minimum.                    3 BR 2 BA SINGLE FAMILY HOME ,  bigger if you can afford and a garage is a huge plus.

I'm looking at getting either a single family or up to a 4 unit.

Xero has come out with a self employed version (think it is free or low cost)  that makes it super easy to swipe one way for personal and one way for business.  

Are you  are getting $1150 from a single room basement in Gresham or is that expectations? 

I currently live with them now, and it works out well (even though we all live in a single family home) but I have considered, what happens when the tables are turned and it's my parents living under me (even In a multifamily), and that is probably a whole different situation, especially when there is paperwork involved, thanks for the quick feedback everyone!

Since then, we have flipped 3 more single family homes.