How to have the guts and $ to start
I am looking at a duplex in northwest GA just a little south of Chattanooga, TN
I would need about $55 down. I have 20K from savings from an on line business that I will need to get out of and find a new way to bring in cash flow (hopefully rental property) I can take 17K from a Roth IRA. I have about 7K saved for real estate investment. My son may go in with me and contribute 10K.....so I think we can come up with the 55K. However, then I'd have no cash reserves for disasters. I would have mortgage taxes and insurance and no renters immediately. Mortgage taxes insurance would be about $1400 (I think) Zillow estimates top part of house could get $1500 for rent. Then I could rent the basement apartment for I am guessing about $900? I would also use the garage personally for my storage unit and save myself $300 monthly that I am paying for a storage unit for my inventory for my other on line selling business.
Am I crazy......or do I just start and advertise and hope I get renters and that it works?
I am reading the Bigger Pockets How to manage rental properties book and my son has experience co-hosting STRs.
I am not sure whether to go for making this duplex an STR, or a MTR (both of which would need furniture....but both of which my son has experience with and both of which could bring in more money than LTR, but one would never know) or a LTR. My mom has some LTRs but has a property manager. I know a little of what to do from my reading, but if I got too scared (or unsuccessful) is there anyone in the area who would want to manage it as an LTR and what would you charge while following bigger pockets tenant screening, application, and management processes?
Or better yet is there someone who would want to look at just helping me get it set up for the first time and then be there as a consultant to help in times of need....and what would that charge be?