Buying my first rental property

[Joe Stimm]

Hey, I'm extremely green to the whole real estate thing being only 20 years old but here's what I got going on. I'm living in a building in lockport New York area where there are two apartment units in the upstairs area and a commercial dining area in the bottom. I plan on removing the dining downstairs and splitting it into two more apartments making it a 4 unit building. I'd imagine since everything would be brand new and my father and I have been doing renovations on houses that it wouldn't cost me too much to turn the downstairs into a couple of 600$ a month apartments. I'll stay in mine that I pay 550 while I rent to others in the building. I make about 2600 a month and have exactly half of what I could calculate in expenses. The building id imagine would be about 50-60k in its current condition but I'm not sure how I would want to pay for it. It is my understanding that I could do a number of things. Save for 7-8 months and get my 20% down of 10k on it and go to a bank which isn't my favorite option or maybe since I was reading on here that life insurance company's have a very low interest rate and like to invest in multi family buildings that would be another good option. I was wondering if there is something between a buyer and seller that there's an arrangement where I own the building but am making payments to owner so I don't have to deal with as much interest. I would appreciate if you guys could tell me which is the best way to approach this since I don't really know much. Again I'm only 20 years old and my credit score is about 700 right now so a loan would be difficult without a co borrower. Thanks I really appreciate the help ahead of time, Joe.