CAVEAT - NZ based, no idea what US law is all about.
I didn't own my own home until after owning 3 rentals.
Reason being, I rented a 5 bed house and let out the extra rooms to flatmates - all with the landlords consent. This gave me a weekly PROFIT on living in the house of $170pw. It was only when I decided I wanted a little bit of luxury, nothing too flash that I bought my first one, 6 months ago and it still makes me $100pw with flatmates in. And I've added about $80k to it's value after purchase and reno costs. Soooo, I have to put up with the odd bit of dishes being left undone and it's rare that anyone else vacuums but bugger it, for the last 3 years, I've got paid to live in a reasonably nice house.
Would never rent them out, live in them and repeat as the tax system here is very much geared against that, mortgage interest and any repairs are then non-tax deductible.
Great way to kill any long term expenses, saved me in the region of $20kpa