Should I invest in a Live in 2 Family in NYC?

[Dane Fenner]

Hello BP,

About 3 years ago I purchased my first property a 2 bedroom coop in Queens NYC, I have recently been pre-approved for a FHA loan for about 550k . I was planning to keep my coop and rent it out ( I can make about 200 profit a month, I've rented it out before) and find a 2 family in Queens/BK area to live in while renting out the other unit.

My question is, is there a better more effective way obtain property and generate cash flow? I have very good credit and income but my savings is low.

I have been playing with the idea of trying to get a multi unit building or home (4 unit +) with  the help of an investor but I not sure on how that would exactly work. 

Can you guys nudge me in the right direction, I plan to one day leave my job and invest in real estate full time I just have question on how and where to get started. 

Thanks in Advance 

[Steven Bond]

What are your current relationships of others that may be willing to help you with capital for you to manage the properties and get into a partnership?  ie-someone who has 25% capital, but wants a very passive investment.  Hand over all cash flows to them, but you manage and take the upside of equity or something like that.  So many ways to skin a cat and create win-win with someone else in the game.

Good luck and Merry Christmas!