If you can, try establishing a fund dedicated exclusively to maintaining your property. The first year or two of owning a duplex will be tight. You won't have money set aside, yet you may find that everything needs fixing or replacing because the former owner, intending to sell the property, refused to put any money into it.

You can either pay for those repairs out of pocket or take out a short-term loan to give you a cushion for replacing the big stuff — a roof, furnace, appliances. Try to do as many of the smaller repairs as you can yourself and be diligent about maintaining the property.

Then when you can, try to set aside 5 to 12 percent of the rent each month in an escrowed account. Use that money only for upkeep and the big-ticket items. Chapter 18 will give you more information on how to take care of repairs when money is tight.