Asbury Park NJ Multi Family Property

[Jordan Petchel]

Property in Asbury Park NJ is listed for $850k. Needs lots of renovations but my current rent practically covers the $5800 mortgage. First time investors. Looking for advice before I talk to local agents.

Any idea on the amount of capital needed for a down payment? I’m looking to invest with another investor, I will reside on the property and the other investor will not but will provide the capital. 

When I run the numbers I calculate around $190k needed up front but my other investor thinks it will be closer to $250k.

Also, is it possible to qualify for an FHA loan with only 1 of the 2 investors living on the property.

Thanks in advance