First Purchase? Home/Rental
I am looking at my first purchase as a new investor/home owner. I am currently looking into a single family home(for myself) with an attached apartment upstairs. The apartment currently has a tenant that has been there for quite some time and current owner says they have always been a "good" tenant. I'm hoping that purchasing this home will get me into a new home as well as have a tenant pay rent that covers my mortgage. What specific things do I need to know/remember when putting together a deal of this kind? Insurance, Mortgage, Taxes, future repair expenses, additional costs that I may be missing? I am looking at this and trying to save myself money but at the same time turn this into a first investment rather than just a first home. Down the road I would like to turn this place into a dual residency rental property rather than my home and a single rental space. What book should I read, forum post should I follow, or who should I talk to about making sure that I have all my bases covered when trying to work through a deal of this specific design? Any help would be greatly appreciated. I am very new at this and am willing and eager to learn but want to make sure I'm looking and learning in the correct places! Thanks for your help...