Member from Minnesota

[Stuart Toepke]

Hello, I'm Stuart. 

I'm a newbie to investing in real estate and I'm looking forward to learning more!

Currently, I'm out-of-state attending a deaf/hard-of-hearing college as a late-30s non-traditional student.  (I'm very hard-of-hearing.)  I'm studying for a new career, probably in IT.  But what I'd like is to get started in investing in real estate and acquire some financial independence.  Currently, I'm attending classes full time and not working a job in the State of New York. 

I was wondering what forum members thought of the idea of purchasing a 6 or 8 plex building with a first-time homebuyer's loan, while I'm out-of-state.  I could designate one of the units as my primary residence (which is where I would live when I finished college and came back home).

I'd like to find a worthy property management company to manage the property in my absence. 

The most I'd have for a downpayment right now is about $20k if I sold my index fund holdings.   There might be a possibility that I might be able to get additional investment from family members -- but I'd really rather not. 

I thought I'd check with the forum members here to see what they thought of the prospects of this working.  Is this even doable?  What are the challenges or friction points?  If it is doable, I was thinking of taking my summer break from college to buy something in the Minneapolis metro area.