Owner Occupied Duplex Purchase -

[Jon T.]

I am in the process of purchasing a two family house in upstate NY. The purchase price is $85k and I am putting 10% down with a no PMI mortgage (Total monthly payment with taxes, insurance and mortgage payment will be $719). I plan on putting in about $4000 to get the second unit "rental ready". (New carpet, appliances, paint etc.- It has a brand new roof)

We will live in one unit and expect to get $700 for the spruced up unit. The plan is to live there two years and then purchase a SFH for us and rent out both units.

My questions are:
1- Do I need a property management company for something like this?
2- Should I be putting more down? (I can afford it, but would prefer to keep the cash)
3- When renting out an owner occupy, are there different rules for who I can rent this out to?

Thanks in advance for the response.