What are some of the pros and cons of living in one of your own units?

I'm looking to purchase a multifamily property of 8 units, and the plan is for me to live in one of the units. What are the pros and cons of doing this?

Are you an experienced owner/operator?

Not necessarily - I had a duplex previously, so this is a step up for me.

I think the main cons are:
1) Loss of privacy-residents will know everything about you
2) Lack of 'distance' from work~in other words you're always at work, even when not.
3) Related to the first two~residents often have no boundaries and will not have a problem knocking on your door whenever they feel they need to, regardless of the actual situation.

I have never lived onsite, but the people on my staff who did would often report these cons.

For the pros~I believe
-Response time in an emergency
-Ability to see and hear what's really going on with your residents
-Your presence may also deter any negative activity

Another con is that you are never really off the clock, even in your own neighborhood. I live in a neighborhood with an active nightlife, but if I try to go out with my friends or my sweetheart, chances are good that I'll run into or be seen by a resident.

All of the things which Anacan brought up are very good. If you are a married person with family and children then I would say this is a reason to not be living in your own unit. There comes another set of dynamics when the problem on the property involves a family member. You more than likely are not looking at things as objectively as you could and if your spouse is in the mix depending on the outcome home life can be a reason why you want to spend more time away in the office!

All of that aside your type of personality and dealing with people and conflict resolution are a big factor as well.

Now if finances are driving you, then maybe you have to stay, but me I say if you do not have to, do not!