My wife and I are considering looking for and purchasing a quadruplex as a number of them in our area are $500,000 and lower, and we can afford a 10% downpayment and still have $50,000 in savings. Ideally, we would want to live in an unit for 2-3 years and own it under an LLC, etc. We have a family friend who works at a property management company with great reviews we would want to partner with and hide our identity behind as I don't want tenants knowing we own the building. We can comfortably cover the mortgage monthly before factoring in rental incomes. Additionally, I have family or connections in plumbing and other trades we would partner with for major maintenance.
What do you think about our situation? Are we good, need improvement, etc.)
What advice do you have for determining if a buy is a good fit? (Things to look for in an pre-buy inspection, rental-ability, etc?)
What other advice or questions would you recommend we consider or that you wish you had?