Foreclosed multi family as first property?

[Matthew Mello]

Began doing some heavy research on buying my first multi-family in southeastern MA / Providence RI area

I will be occupying one of the units and renting out the other units. I want something that needs a little work but nothing like a total gut. I have the skill set along with people close to me to do the work myself but then the main question here is...

what are the cons of buying a foreclosed house? What kind of financing will I be able to get? Will I need to put 20% down? Any hidden surprises.

Not insanely worried about cashflow, my goal is to be able to live on the property for near nothing and then when I move out and buy a second have my first one have a cash flow. I'm mainly looking to have some equity right away and the easiest way is looking like foreclosed properties.

Thanks in advance for the responses.