@Cyndi Lees, Sorry for your loss.

And make a living.In my mind if your going to do this you need to figure out how your going to make 200k or more per year as you grow the business.Lets say you are going to make 2 points on deals work it backwards from your capital needs.

- FYI: it's only illegal to try to rent it out, the property owner can usually legally live in a nonconforming basement unit.If you do all this you may still negatively cashflow each month, so make sure your income can cover and/or your cash reserves.If you do this successfully, you will learn more in 1-2 years than you would reading here on BP for 5+ years:)Good luck:)

i am stuck on which strategy is best for me in acquiring my first investment property. i am 18 years old, in my first year of my electrical apprenticeship. being a first year i am not making enough money to save cash and pay my car payment/insurance every month, and other needs: gas, food, etc. i want to get my first property this year and i thought that house hacking would be the right move for me. i found a duplex that rents $1,250 and already has two tenants inside of it but to be able to afford a down payment realistically i would have to use my FHA and jump in the other side. after talking to some people around me i would be having to pay quite a bit out of pocket every month for the mortgage and i just don't make enough money right now to do that. i want to be great more than anything in this world. this is all i think about all day every day and it drives me crazy. i have to acquire a property this year to satisfy myself. i just don't have the right people around me to help me make the right decisions in the real estate market, so i am trying to figure out all of this on my own and it is getting overwhelming. with my situation what would be the best strategy to aquire a property this year. i am not submitting to saving money for years, i have to do this. i made a promise to myself. 

I am 18 years oId and I just passed my Real Estate course exam and I take the state exam in June.

Whether the property is brand new or 50 years old is secondary to the borrower’s ability to repay.2.

We closed with a 75 % LTV investor mortgage—30-year fixed at 7.375%—and brought roughly $112 k to cover the down payment, closing costs, and an immediate repair reserve.

Then go incrementally year over year until you reach market rate.Tenants will always seem very concerned when landlords mention a rent increase. 

Maybe you cn only do one every two years, that is still moving forward.

My 20 year old investor self would buy a duplex and house hack and the the nastiest value adds I could find.