WIth your experience, you could even target 3-4 unit properties at that time.Regarding "legally living in", you would have to change your address and actually live their as your primary address, but you could temp stay where you live now when you have your kids.

New to renting, looking for advice.Single family home valued around $1.1m.

Long Distance or Local are you looking at ground up construction and new construction as a strategy?

I'm new to doing owner financing deals.

This is the dynamic that is available in my target market.

This creates two loan payments ($100,000 of equity and $300,000 on the new mortgage).Key NumbersHome Equity Loan Interest Rate: 6%Mortgage Interest Rate: 7%Rental Income: $3,000 per monthExpenses (management, taxes, insurance, maintenance): $800 per monthIncome and ExpensesMonthly Rental Income: $3,000Monthly Expenses: $800Monthly Mortgage Payment: $2,000ExplanationThe investor earns $3,000 in rent each month.They pay $2,000 on the investment property mortgage and $800 on other expenses.This leaves $200 profit each month or $2,400 per year.However, you have to pay $6,000 interest on the equity borrowed.This leaves you with an annual loss of $3,600.This example shows that while the rental property generates positive monthly income, the interest cost of borrowing the initial $100,000 results in an overall annual loss.

There are a number of great new construction builds around Philadelphia, and I'd like to reach out to the builders.

I'm brand new into RE.... 

Is it a payment target you're aiming for? 

Find a side gig, a new job, or work with someone in the real estate industry and learn the ropes.