Renting while owning a rental
What are the opinions you all have regarding paying a mortgage (a minimal mortgage on a smaller unit) and allowing renters to rent the unit while also simultaneously renting a unit ourselves and using the extra cash from the rental (that we are renting out and own) to pay for all of the rental property mortgage and a small portion of our personal monthly rent?
The reason I am asking this question is because my fiancé and I have to find a place to live as soon as our June rental agreement is up. We do not have enough money for a down payment for anything as of right now. We are asking for every guest at our wedding come October 18 to give us a cash gift as opposed to material items. We want to ultimately buy a multi unit property and rent out one unit while living in the other. That how ever is not a possibility bc we will need to rent again come July 1. Again, we will have money for a down payment for SOMETHING (but where do we start?) on October 18 after the wedding. We're estimating $7000 will be available for us to invest in real estate at that time. Since we will definitely still be renting to keep a roof over our heads at that time, should we be taking out a mortgage on a foreclosed upon, semi-fixer upper home, rent it for the time being after we buy it and move into it eventually to fix it up more or should we wait to take out two mortgages; renting out one property and living in the other.
Note: we are from Hilton Head Island, SC. This is not a place that you can find duplexes/ multi family homes to buy or rent. So if that was an option I probably wouldn't be asking this complicated question. We have to get creative here so please help!