MFR deals in Utah?

[Tim Spjut]

Hi all,

Since joining BP a few months ago I have been living in a whirlwind of information.  It is extremely helpful and insightful, but also has me slightly overwhelmed.  I aim to purchase and owner-occupy a 2-4 unit property by the end of the year.  I am hoping to find something between Layton and Sandy as those are about as far North and South as I'd like to be.  Bountiful/Centerville, or SLC would be ideal.

It seems like all of the "deals" are being gobbled up immediately by cash investors, and that the only way someone like myself could get started would be to purchase a distressed property and do some updating.  I am familiar with the 203k loan and find that quite appealing.  I hope to truly begin my search in the next two-three months and would love to close by the end of the year, 2016.

Can anyone speak to this? Are there still deals out there that would make sense for a first-time, owner-occupant investor looking for MFR? Does anyone have experience with the 203k program that could shed more light on the benefits and drawbacks? I just feel like that would be an opportunity for me to add instant value to a property in order to get the rents up to make a deal more appealing. I don't want to be a slum-lord managing a crappy MFR in a bad part of town, but I also don't have $1/2 Million to invest in a piece of property.

I have been studying like a crazy person and listening to any information I can get my hands on, but certainly don't claim to know what I'm doing yet.  This is probably fairly novice, so thank you for your patience.  Input, advice, criticism and anything else you deem necessary and helpful will be appreciated and well-received.  Thank you in advance for your input and opinions!