I like the West Mobile area, its class A area, you can definitely find deals there, 3 bedroom with 2 bathroom for around 220k or so, you may have to wait a couple of years for positive cash flow but properties there increasing in values better than others.

Hearing your story It is definitely worth to risk some cash for a much greater return in the future.Thanks for giving this insightful response. 

@Mike Johnson you definitely have a different set of problems or potential problems depending upon where you are at.Brand new and acquiring your first rental you're going to manage:Everything can kind of be summed up as you don't know what you don't know.

You will definitely come out of pocket WAY more with seller financing than with the lowest owner occupant loans.

You should definitely wait so you can leverage an FHA loan. 

It was definitely not personal.

In our limited experience being on our own, finding the deal of course is the hardest part and is definitely a “it’s who you know” kind of deal.

Hey,If "building class designation" is the same as zoning, then this seems like it can definitely be appraised as a two family, with both the legal and actual designation as a two family.Depending where in NYC, that may not help your valuation, as primary residences sometimes sell for more than investment properties, so check that out before challenging the appraisal and definitely before paying for another one.Double check all this with your lender/broker as well.Best of luck!

You've definitely come to the right place to build connections and learn, but you want to pair these forums, books, and podcasts with in-person real estate investing meetups in your area.

Bay Park / Clairemont / Carlsbad / Oceanside are all top-tier markets that fetch top dollar (see the Yellow & Red).Move your search slightly inland, or further down South and inland, in order to get something done for 1/2 the price, with similar rents (not quite as high, but definitely not 50% less like the purchase price would be)