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Tips.
Know your financial goals
Decide which is more important to you: the property’s appreciation or its current return?
Consult a tax adviser
Between IRA's and other tax advantages your advisor can help you make clever decisions.
Utilize FHA Financing
FHA provides financing for 1-4 unit residential properties as long as they are owner occupied. They provide a lower down payment. Anything that is not owner occupied is considered a "investment property". Investment properties can have down payments up to 25%. Talk to a lender for more information.
Verify the properties current cash flow
Make sure that your income is higher than your monthly costs, which should include your mortgage payments, taxes, utilities, and maintenance.
Understand the current market
Determine the average vacancy and rental rates.