Reason: the buyers were FHA and there is a loft above the garage that serves as a third bedroom.

So you can check out my last forum post about buying my first rental property. It’s going great today and is cash flowing pretty well. We just refinanced during Covid-19 and took our rate from 7.25% to 5.5%. Enough ab...

I’m closing on my third property in Cedar Park next week and already have a tenant.

In New York, Atlanta, Houston and Detroit, it’s more than a third.

First you’re going to owe full tax on third you never lived in. 2nd If it’s a rental first you don’t get 100% write off for the 2nd unit. 

My wife and I took out loans against our retirement account to use as downpayments for our second and third rental properties.

@Rachel C. it is precisely these things you list that is making investors in the know celebrate.

@Brent Salazar you may be able to find a local commercial lender that will allow you to cross collateralize the existing equity in the two properties that you currently own to acquire a deeply discounted third property.

The first is to make sure that a duplex will cash-flow after expenses (so you would check to make sure the proposed rent price is competitive for the area), the second is to make sure the sale price is competitive for the area, and the third is satisfy any bank financing requirements. 

You should ask for multiple quotes for anything over $2500 to make sure you are not getting cheated, ask for pictures and try to get a third party (friend/family) to visit the property to make sure everything is on the up and up.