First Property getting closer

[Nauman Shah]

Hell BP Family,

I live in NYC and currently looking for my first investment property. My sister and I bought a two-family house 4 years ago in which my family and I live in. I am currently looking to buy a rental property. My goal is to generate cash flow. I have the basics but still a beginner and need your help. I am looking to buy multi-family homes and rent them out. Here are my questions and concerns. 

1. First concern is related to the market. I live in NYC, where prices are generally higher. I dont have the 20% down payment yet. Is it recommended to stick to your area where you know the neighbourhoods and know what a good price is or would it be a good idea to go to another neighbouring state where multi-family homes cost half the price. 

2. This is a question related to finances. My option for down payments is that I can refinance my home and use that cash to invest in my second property because I dont have the 20% down for NYC prices unless I partner up which is also an option if I stick in NYC.

 I would appreciate your help on these two questions.