Consider talking to an insurance agent who can give you specific advice for your situation!

Here's a summary of my situation as an example: The unit I currently live in would rent for $2200My second unit is currently rented for $2700I rent my garages out for $350For the next duplex I would live in one unit & rent the other for $2200 I currently get paid $80k a year or $6667 per month.75% (2200+2700+2200) + 350 + 6667 = $12342 per month in incomeMy current mortgage is 2950, my next would be 3300, and my student loan is 250 = $6500 total debt.6500/12342 = 52.7% DTI

and is this your thought on my situation specifically, being a total beginner?

I'm hoping that someone here can help assist me in how to proceed with my situation.

That’s the amount of time it’s taken me to get to Level 1 Financial Freedom where my passive income is paying my bills.

This depends on the lender's policies, the property value and your overall financial situation. 

I had a similar situation in Irvington Nj, a quadplex as well, with four below market tenants. the city's rent control rules: 472-1 Establishment of rents.

When you buy this triplex, you are only our of pocket $500/mo for a similar quality of life, that equates to "$1,000 net cash cash flow to you", since you are effective saving $1,000/mo versus your current living situation.

I had to not only list and promote but I had to protect the equity during the negotiations with the prospect buyers, coordinate the move out with the tenant, who was previous property manager and was exercising all her rights which tend to make the situation less than ideal for sellers/landlords.

If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.Our OPINION for the Metro Detroit market (always verify each area for yourself!)