Current Plan - Need Opinions

[Dawson Burton]

My fiancée and I talked last week and we now plan to start our real estate journey by house hacking a duplex once we're married. The idea is to buy a distressed duplex in the area where we plan to live, rehab it to force appreciation, and then refinance to pull our capital back out. After that first deal, I'm considering doing a few fix-and-flip projects to build additional capital. Once we've built that cushion, my goal is to transition into BRRRR investments to scale our portfolio and cash flow.

1. 1.) Does this sound like a solid plan, or would you approach it differently?
2. 2.) We’re open to moving to either Florida or Texas (we currently live in Kansas). Which market would you recommend for this strategy?
3. 3.) On average, how many years does it typically take to reach the point where cash flow is strong enough to leave your W-2 job?

[Bruce Lynn]

Quote from @Dawson Burton:

My fiancée and I talked last week and we now plan to start our real estate journey by house 

I think it sounds like an awesome plan on paper, but maybe more difficult in practicality.  Most of the duplexes I see around DFW area are priced at where you will need to pay full rent on your side and maybe subsidize the other side too.   What works best right now is to buy 4-5 bedroom house with 3 or more bathrooms if your budget allows and rent rooms.  Plan to do this every year or so.  4 bedrooms you can maybe pay 1/2 your share of the rent.  5 bedroom maybe you can live for free.  Bank your savings and do it again as soon as you can, maybe a year later, maybe 2 if you are also both working W2 income.

Come to Texas.  Lots of opportunity here.  There is a bit of a breather right now, but if interest rates drop, I think the party will quickly get started again.