Buying a multi unit for me and family to live in

[Taunesha Butler]

Hello! I am very new to this site and real estate investing. I live in Phoenix. I have an adult son who has pets and lives on his own. I have a mom on fixed income, who lives on her own. However, rent and other bills are eating up her money. I live on my own with a teenage daughter (soon to be 18 in 2 years). We all love our independence and don't want to live in the same house. However, I thought purchasing a 3 or 4 unit might be the best solution for us. My son and I can partner and purchase the property. Because we plan to live in it, we can go FHA or even the NACA program for owner occupied financing. Then, my mom could move into a unit and pay less rent than she is now. If we purchase a 4 unit, we can have a tenant in one unit and the rent can be used towards the mortgage, which brings our expenses down. This allows us to save more money for future investments. It just seems like a win win situation for us.

I am still learning how to find a good deal. One of my concerns is finding an affordable 3 or 4 unit that is a great deal, but also somewhere my family and I want to live. I need to feel safe and I wouldn't want to live in something that I wouldn't rent myself or be a landlord of. I am concerned if there are properties that fit this criteria.

Any advise would be appreciated.