My wife and I are in the process of purchasing a duplex in Mahncke Park near the pearl area off broadway in San Antonio. The house is older but renovated and we love the idea of owning property in this area long term. Our plan is to live in one side and rent out the other for a year or two. This allows us to put lower money down on this property than would typically be required for an investment as well as lowers our living costs. After a year or two, we would like to buy a single family home. I'm curious if anyone has any advice on the purchase of the property, the financing of the property, tax ideas, should we transfer it to an LLC, and practical ways to manage the property. I understand it's a broad question so any thoughts are appreciated. I know there will be a lot of learning/growing pains doing this but I think it'll pay off long term. I'm interested in real estate and like the idea of using standard low money down conventional financing to start the journey.
Thanks!
Thanks!