Additionally, getting down payment assistance from an outside source can get tricky as well.

With that being said, do you guys think it's a good idea to purchase a Turn-Key multi-family property for well over the asking price, with the intentions to house-hack and also use the property as a rental income stream for the next several years ?     

We manage 300+ units, and we require ALL tenants to have (and maintain) renter's insurance before we give them the keys--binder faxed from their insurer is proof. 

-You've come up with this 17 year assertion twice now with out citing a source.

Can anyone recommend a source?

It depends.it depends on your investing strategy, it depends of what market your investing in and most importantly it depends on you goals. for example one investor can say i like working with people in D areas so im fine with 6% COC return but my ROI has to be 20% in 5 years.The next investor that wants turn key properties SFR with 10% ROI wouldnt wish that criteria on their worst enemy.So what people say on here wont help you make a decision about your criteria.NOW that being said heres my 2 cents!

I think the key is to remember just because something is sub 50k doesn’t mean it’ll rent for 600.  

I do not consider the source of collections.

If, according to your local laws, the unit is considered abandoned you are usually ok to change the locks and begin looking for a new renter. typically this may included removing all items, leaving keys on counter, or canceling utilities, but it may vary state to state.

The key is to build a rapport with the owner.They need to like you and they need to trust you and you need to do everything very clean so as to do right by them and make sure that they end up getting what you promised you would bring to them.