Advice on owner occupied NYC multi family search

[Paul Jump]

I own about $750,000 of stock in a single company that I would like to liquidate in the next year or two (I was an early tech company employee). I am also paying about $4,000/month in rent and need more space (growing family). 

Someone told me I should buy a multi family home and occupy one of the units. It sounded like a good idea but I have 0 real estate investing experience. NYC also seems like an unforgiving market which might be too risky for my appetite. 

I’m hoping for some advice on how I might theoretically think this through (ignoring my lack of experience in real estate). I do have extensive experience in data analysis, finance, accounting, and my wife is a non working attorney. So there should be “some” translatable experience at least. 

1) Should I just drop this idea altogether?

2) If no, what would be a good first step?

3) with $500-750k cash (and willingness to come out of pocket $4,000/month) how would I think about what I can afford?

4) any other advice is welcome