Going from condo to house with rental
Hi everyone!
I'm a single mom with 3 kids with goals of becoming financially independent through real estate. I don't have any door yet except my own, which is why I'm writing.
I did some minor upgrades to my condo, put for sale and accepted an offer less than 2 days in market; condo is scheduled to close on the 28th; I went looking for a house with rental income and found one where my kids and I will live in and rent a 1 bed in law apartment; appraisal is pending but if all goes well I should be closing 11/2.
How do I calculate if it's a good investment if I'm living in? The apartment will help pay part of the mortgage but most of it will still be paid by me. Is there anything I need to know or do to prepare as this will be my first tenant? Btw The tenant is already there and I plan on keeping as the owners said he is great.
I hope these question makes sense, thank you!