First home purchase. Want income producing property. Need advise.

[Mario Medina]

This will be my first purchase, currently in the approval process. I would like this property to pay for itself while providing me a home for my family. Ive thought about fourplex, live in 1 rent the others. Or a home with many rooms and maybe a guest house for me to live and offer an assisted living home to rent by the room. In any situation i would like some strategy that is proven and replicable. I appreciate your input. Tucson, az.

[Kathy Henley]

Rental income does help @Mario Medina. Multi-family properties are even better because one can weather the vacancies. Your family must be of the same mind set because you will be choosing a property with future tenants in mind, rather than indulging for personal consumption. I found the book, 'Duplexes, Triplexes and Quads' by Larry Loftis very helpful showing how the rental income strategy plays out. Give it a read.