Long time lurker, first time poster and would love to hear the opinions of such an experienced group.

I'm looking at buying a duplex and living in one side and renting out the other. I make enough to cover the full mortgage without a renter, and the rent of one unit would be a bit more than the mortgage.

The math makes sense in my head, it's the practical issues of sharing a wall that gives me pause.

Have any of you owner occupied? Success stories? Horror stories? Suggestions?

I haven't owner-occupied, but my first question is-- how's the parking? Do you each have your own dedicated parking area? Do you have to coordinate with each other to get your cars out?

I have done what you are asking. Never had a problem. Some potential issues could occur if you have a tenant issue.

Screen, screen, screen and do not be their friends. Keep it a business relationship

Set the rules and maintain those rules. Trash, common areas, yard use etc.

You'll be able to keep you eyes on them and after a few years maybe move on to the next property.

In NY you can deny tenants in a duplex that you live in for more than in just a rental. If you don't want kids, you have the option with owner occupied, you can't with just a rental unit otherwise.

As owner, if you want you can do more sound proofing or upgrading that a tenant would not be able to do. The down side is that you actual see the day to day living that a tenant does, but that could be good too.

If you don't mind seeing them all the time I think it could be even easier than a unit in a different neighborhood. If you aren't a total pushover, and if they have any kind of brains, they will know they can't get away with flagrant lease violations.

If you don't screen properly and rent to someone on a handshake it could turn into a nightmare obviously, especially if they're involved in domestic violence and such things, but it doesn't sound like you're the type of person who makes those mistakes.

We used to have a wonderful lady here, Clara(MI), God rest her soul, who started out just as you are considering many years ago.

I think she was widowed young, and bought a duplex, and rented out one side, living in the other. She swore by that strategy (and she used to give lots of wise advice around here.

We started off with a three family (triple decker) in Cambridge, MA.

We had fun.

I'd do some privacy things, like fences, so you aren't sitting in the back yard staring at each other.

And choose someone you like.

I know the feeling, sharing wall with noisy tenants. But I'm also a contractor with some savings behind every buy. I purchased a 4 unit wood frame building. Not only did tenants share a common wall but also a common floor/ceiling. Tenants started to move because of the noise. Some people were never taught to be considerate when the sun goes down. Other party all night. To deal with this I first had to learn how to manage problems an give tenants fair warning before I evicted them.

My first property I ever bought was a really cool duplex. It was cool because it had an oversized 1 bedroom 1 bath apartment downstairs and a 3 bedroom 2 bath upstairs. How perfect is that? I lived in the small apartment and the rent from the upstairs paid for everything and then some.

Basement had a laundry room and separate entrances. I even ran cable upstairs since I payed for the cable television and offered them free basic cable which they loved and was a tax write off. I was able to keep an eye on the property living there and never had a problem.

Also being an owner occupant will open up some foreclosures investors cannot bid on till the owner occupant bidding phase is over with. Sometimes you can pick up a great deal on homes that have a 1 year owner occupant restriction. Also one other cool thing is you can tell people with Service dogs and ESA animals to take a hike. You don't have to accept them because you live there.

This is exactly what I wish I had done when I was younger and we bought our first home. I could have been into rentals at least 5 years earlier. I say go for it! :)

- John...

Plenty: It's just me.

As an occupied duplex (up/down) all showings have the following statement made:

“If you like loud parties or loud music you won’t like it here. We are looking for quiet tenants.” (The look on one 19 year old male face was priceless as he looks around the double living room. I could just see the parties he was planning in this space. I said that and his face just fell in disappointment.)

"Anyone have experience sound proofing an existing home?"

Jeff I own one side of a duplex (a different LL owns the other side with a separate deed).