Right now, the best offers around me are for some 1.3-4 million, that only generated around 100k per year gross, so there would be a high chance of not cash flowing, and paying money, especially with a commercial loan (these buildings have more than 4 units).I was thinking that although the rental itself does not generate money, I would be able to deduct the mortgage interest, and depreciation from my personal w2 income and would be net positive.

HiWhen we started out we bought a multi family property and lived in 1 unit.  

Trying to balance proper due diligence against my desire to just acquire a bunch of mediocre units!  

I currently have 1 two-unit in Joliet. 

This criteria is for 1-4 and 5-8 unit programs.

Try to get as many units in the building as you can.To Your Success!

Today we have 540 units in a few states and things are not without challenges. 

Assuming you currently rent right now, and you are buying the single SFR as a primary, the 3-unit should just be designated as investment and you should be able to use the rents to offset the payment (up to basically 'zero-ing' it out, on paper). 

Each unit was Redone inside.

Investment Info:Small multi-family (2-4 units) buy & hold investment.