Personally, if I had the chance to do it again I would put down more money to knock off private mortgage insurance and increase my cash flow.

I've spoken to several lenders, all of whom have been very helpful in educating me a bit, as someone new to this, and have been eager to work with me to get this done.

I'm new to trying to be a good landlord, friend, and person.

If someone injures themselves and sues, they will be suing the LLC and not you personally.

I personally wish I could go back in time and do some house hacking! 

Hudson really an investors challenge is determining if how much cashflow they want vs cash.The inherited house demonstrates this:1) You didn't mention the mortgage PITI, but assuming it's low, you should cashflow well and even more if you have tenants pay the mortgage off over time.2) You could also do a cashout refinance, up to an amount that allows the rent to comfortably cover, and use the cash for further investments or personal use. 

When you refinance, banks look at your property's value, not your personal credit.

What I'm trying to say is that I recommed giving us more details or if you don't want to put personal info on the internet find a in-person tax professional or accountant who is familiar with rental property taxation to determine your eligibility for deducting rental losses and ensure that you're compliant with tax regulations.

Hi Margarita-Great question.There are many mental blocks and friction points to buying your first property.First off, just buying property outside of a first or second home to use is not done by most people and buying your first home is a major purchase for most people.That means the people in our immediate sphere of influence are not thinking about buying investment property, they see it as risky and out of a sense of protecting you or themselves encourage you not to do it.I remember having the same mental blocks and fears you probably do thinking about buying your first property or first investment property.The most critical thing to overcoming these mental blocks is self education and surrounding yourself with the best team of people to help you.An investor friendly Realtor who can refer you to an investor friendly lender, title company or closing office, property inspector, property manager, and insurance agent.Real estate is relational and having the best team will keep you out of the weeds.To Your Success!

Was looking at DSCR so it was easier than compiling so much info on our personal finances.