Wanting to get into maybe investing in a duplex, I'm just not entirely sure how to do this and wondering if I could get some tips from you guys that are already landlording. A couple things I'm fairly certain on are that I want to stick to around the $100k price range (I just don't have that much to invest) and I think I'll set up an LLC for it. I'm thinking the $100k price range because I will have close to that by years end and I plan to put that amount in vangaurd to invest it. Then use the rentals to pay off the mortgage. I know I won't get any returns on it while the renters are paying off mortgage, but I prefer to let money build using funds and not have it tied up in a duplex. And if there are no renters/they fall behind, I can sell some off to cover the expensive/mortgage for that month. At least with the mortgage rates so low, I figured I could at least break even putting money in funds too but always have it on hand to buy off the duplex if I ever needed too. The LLC thing was just advice I was given and I saw nothing wrong with it.
What I'm having trouble with is finding a duplex to buy. I just don't know what to look for, where to find it. I know it isn't the best place, but I've been looking on craigslist just to see what kind of things are out on market. I know the good pickings most likely won't be listed on there. But for a ballpark idea on price range/rent range I thought it wasn't too bad.
Also do you think my buying range $100k is reasonable for a duplex? At least here in KC, it looks fairly reasonable for the market here but I wasn't quite sure. If that's the price point, I think I'd price the rent in the $800-900 range. That should net me around $1k with both sides and pay off the mortgage with the little extra also on the mortgage as well (calculating to have the duplex paid off in around 10-12 years). Is this a fair plan for me? I mean to be tied up in a duplex with no returns (but also no expenses that I can see). And all this time the $100k that I would have been using to buy the duplex would be gaining returns in vanguard for me. So it's a trade off of having vanguard pay me or renters, and I prefer at least for time being to have vanguard do it for me so I have the option to sell for cash if I find myself needing money.
Is this plan one that people would advise? Or is the buying outright the better option?
PS: I plan on having a property manager for this, do they find the renters and set rent price as well? I'd prefer if they did so I can be a long distance landlord (I'm planning on moving in a few years to be with family)