Appreciate it @Mohammed Rahman decided to sell and move on to the next deal with more knowledge.

I agree that is will be a gamble as to how well it will do.Also, ask the owner if they will entertain partial owner financing to keep from dragging family and friends into this risky business venture.Maybe even rent from owner for a year with right to sublease to see how it goes before committing to a purchase.

I'm an agent and investor in Phoenix so would love to get on a call and discuss how I decided on becoming an agent and give you any insight into the local market!

You also cannot use a second mortgage (from HML/private lender) for a 2-4 unit non owner property. 

Life Changing is my go to now as their owners and 5 of their loan officers have even joined my group.

Quote from @Gianma Vanzo: My wife and I are HI W2 and business owners.

My business partner does a lot of work for UB property owners and shares some pretty rough stories with me.

So you could see about going to auctions and winning a "cheaper" bid on a property there, if you decide that's an option.

@Jared Haxton You are not going to be able to do an owner finance transaction without paying off the existing loan.

It's a lot of owner-occupants and those areas usually have investors investing in them because they are stable with access to the best tenants.