Basic Questions for First Timer

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Considering buying a duplex for my first home to live in one side, rent the other.

I have a few concerns:

Buddy of mine was saying that in his lease, he is going to write the lease in a way where the tenant is responsible for repairs under $XXX amount. He said this will cut down on how much they call you and would hopefully keep them more responsible since they would be liable for issues.

He also said that he would recommend a home warranty and to set the threshold for the tenants repair right before the home warranty takes place. This would allow all repairs to not be paid out of pocket.

1. Thoughts on this repair setup?

2. Also, just starting out, would it save me a bunch of headaches by saving more to get a nicer duplex in a higher-end area, instead of a cheaper unit? This may price out the lower clientele that would cause headaches and would also allow me to live in a nicer place.

3. Should I try to avoid houses built before '78 due to the laws on lead removal or is this not a big deal?

4. Would it ever be not advisable to have a property management company take the place over?

5. Should I avoid a duplex that is in an HoA?

6. Is it advisable to start a real estate LLC to hold properties?

7. Should I try to put as little down as possible, even if it means paying PMI?


So 7 questions, I will be very appreciative if you could give any feedback on any of the above!

Thank you for your time.