Long Island NY...Debating a potential house hack, input helps!

[Michael DiNuzzo]

Hi All, 

Happy 2021! 

While in the start of my investment journey of trying to find out of state rentals, I am also looking for my primary residence. 

I am looking to purchase a multifamily and rent out the other unit/s. My concern is that Long Island NY is very expensive so there is very good chance that the rent collected will not cover my mortgage and I will still need to put up towards the loan. So I began to wonder the below...

1) Is it still worth it to buy the multi family and "househack" even though I will still have to lay out cash for the monthly expenses

2) Is the headache of tenants not worth it in this case? or does it serve as great starting experience as a land lord

3) Should I just opt for a single family home, if so why?

4) Would I have to keep the current tenants? ( may be a month to month arrangement) if so what should I do to screen them?

5) I will need to move into one of the currently occupied units, so should I have the current owner inform the tenant that has to leave?

6) can the above be part of the purchase stipulations ? 

7) What documents should I request from the current owner prior to a purchase (tenant estoppel, screenings, etc)

8) Will this purchase have any affect on my possible next out of state purchase

any and all other advice is appreciated! THiS WOULD BE A GREAT HELP

I will be sure to pay it forward!

Cheers,

Mike