Need advice about buying a Multi family

[Joe Gilroy]

Need advice please

My Goal

I want to buy a multi family property where I can live in one of the units and I will manage the other unit or units. My goal is to have the rental income be enough to cover the PITI and maintenance and utilities so that I can live there for free.

I am working part time right ( semi-retired ) now but would like to quit working and move to an area where real estate is cheaper than California.

I currently live in the San Francisco Bay area and I am renting a condo on month to month basis.

I have experience working as a Property Manager and a Leasing Agent.

I am familiar with lease and rental agreements, disclosures and addendums

The number of units should be a duplex up to 8 units

The location should be in an area where it is possible to get a good positive cash flow like certain parts of Florida, Georgia, Nevada, Arizona, Washington, Ohio and Pennsylvania and open to other areas as well. I can relocate and move.

The barrier I have is not being able to qualify for FHA or a low down payment loan because I do not have 2 years of steady income from a job and I also have some debt that I owe on.

I can put 10 to 20 % cash down payment into the deal depending on the price.

Purchase price should be between $50k ( duplex ) up to $200k ( (8 units ) but can be flexible.

I am thinking about looking for a Finance Partner to come up with part of down payment and to get FHA or low down payment loan in their name or both our names.

OR

Look for a Private Lender that will loan money to me to buy the property with cash.

OR

look for an Experience Investor that would like to partner with an onsite Resident Manager

Do you have any advice or tips on how to reach this goal ?

Thank you for your help.