I've received apps in the past where this was the exact situation only for the borrower to not qualify and be stuck. 

I am also willing to work for a more experienced investor or property management company in any capacity, be that market research, deal sourcing, property management assistance, rental optimization, or anything else needed.

Our instincts are to eventually rent it and use the income for payment assistance on a new home mortgage.

.🔹 Example in Action:Rental income: $9,000PITI: $9,500 → DSCR <1 (not qualifying)Using $63,000 in assets → Adds $1,045 in incomeNew DSCR >1 → Higher LTV (80% instead of 75%)🔹 Why This Matters:✅ Helps investors qualify for better financing✅ Increases borrowing power and flexibility✅ Allows you to scale your portfolio fasterUnderstanding financing tools like this can be a game-changer for investors looking to maximize opportunities.

Welcome and Good Luck @William Grantham BP is a great place to learn and get assistance.

He has a staff of 3 or 4 assistants to handle the details, and his break even every month is $30K. 

If your business is worth significantly more than what you owe on it, you may be able to borrow against that equity to fund your first deal—rather than walking away from a potentially appreciating asset.Some investors take this route, keeping ownership of their business while using its value to qualify for financing or attract a capital partner.

The structure will depend on the down payment, quality of borrower, terms of note, your cash out of the note sale needs, and other factors. 

Does anyone have any recommendations of first time home buyer grants or down payment assistance programs for New York State?

A borrower really needs to have at least some "skin in the game" to make lenders feel comfortable.