From financial prospective it is better to buy a 4 Family house - this way you would live in it for Free while your tenants are paying your mortgage (you may even earn some extra income).

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Feel free to ask any questions in the forums.

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For any questions or assistance please feel free to connect.

Feel free to ask any questions in the forums.

In this way, he's generating more income which soaks up his passive losses and therefore decreasing his overall effective tax rate.You maintain control over your money, you're earning more tax-free income, and you're investing in (theoretically) higher ROI assets than what would be available through a 401(k).

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First, i would not furnish the places, it will probably get trashed, let them get there own furnishings and make sure that the lease says they must remove them from the property when they leave. i would have them pay for utilities, to an extent - have them pay for electric, supply the heat but give them an allowance for certain amount of months ( especially if you have older furnaces and they run on oil heat ) if they go over then you charge them for it. i converted mine to gas with new furnaces, i include heat in mine, but i control the thermostat ( online, thermostat is locked at the house ). i also provide water / sewer and free internet.

BP is quite possibly the greatest free resource to help you get started in the real estate investment world that there is on the internet.