Duplex and house hacking
Hey guys! I am saving up to purchase my first rental property. I should have enough for a down payment by the end of the year if everything goes accordingly. I have some questions that would really help me out if you guys could give me your opinion! I really appreciate any feedback that you give in advance!
1. My dad is a home builder, so he will build me a duplex for about 20%-30% cheaper then the selling cost. I plan to live in the duplex for a year and rent out the other side to help cover the mortgage. After a year, I would like to do this same process again every year. Is this smart? Why or why not?
2. Would you do a 15 or 30 year mortgage? Why?
3. Would adding something like a shed in the back of both yards help increase what I could charge a potential tenant?
4. How would insurance work with this strategy?
Thank you so much for any advice that you have!