Can I use a BRRR strategy to purchase my first 2-family OO home?

[EDWARD M.]

Can I use a BRRR strategy to purchase my first 2-family OO home? I found an old 2-family home that seems to have lots of potential and is being sold by my mother-in-law's friend. It obviously needs work (not sure how much it would cost) but I was wondering what the best approach to this would be. I don't have much cash in excess of the down payment and prefer not doing 203 because I feel like I might have better options. Any ideas?

[Account Closed]

Edward, check the zoning and make sure that it can be zoned as a 2 family, and not a commercial. If it is truly a commercial building, your financing will be different. You'd likely have to buy it under the commercial title, renovate it, have it re-zoned as a 2 family, then refinance it as a residential property. If you can finance it as residential it is absolutely viable to fix it up and live in half. Super common thing to do. The price worries me a little though.