Purchasing First Multi-Fam Home In The Big Apple!!

[Marvell Martin]

Hi All! 

NYC is expensive as we all know. I currently rent in queens, and I am in the process of beginning the home buying process. I am looking for a duplex or triplex where I live in one of the units, and rent out the others. 

However, I run an online business, so I do not really have any location constraints. I would like a sub-100k down payment+closing costs.

Goals

1. Reduce out of pocket living expense for this year (Sub $1475 which is my current half of the rent).

2. Live here for a year, and then repeat with a new property. 

I am fine with options in other states. So what do you guys think? Should I focus on NY, or out of state? What is it like being a landlord in NY? Should I avoid it? Do other states have better markets? 

Once again, the main concern is a decreased living expense, but I also want to purchase in an area with long term appreciation potential. Thanks for the guidance!!