The issue is, I'm not sure if my income will be enough to cover 2x the monthly mortgage payment that most loans require.

Main benefits to this strategy include:- Low down payment options (as low as 3-5%)- Acquisition experience- Property management experienceThe NYC metro area has nearly 2,000 available 2-4 unit listings on the market.Other new investors consider the BRRRR Strategy.All the best to you on your journey!

Traditional mortgage from a big bank, 10% down payment What was the outcome?

They do, however, have up to 60 days to return a security deposit after a tenant moves out.If an eviction is necessary for nonpayment, landlords are required to send a seven-day written notice of the payment due.

Even if you believe you can stomach the monthly payments, paying $20K a year to carry a piece of land based on the information you shared is not recommended.

Ensure the rents and expenses support the debt service and provide solid cash flow after covering the assumable loan, seller carry payments, and operating costs.Occupancy & Rent Roll: What’s the current occupancy rate?

Eventually, after finally admitting he could not obtain a loan, he failed to return my capital, and completely stopped responding just long enough until the banks were unable to reverse any payments.

you're going to be INvesting for the first few years... rental income from the property isn't going to start paying back what you spend in closing costs, rent ready costs, stabilization costs, down payment, etc. for several years at a minimum.hope this helps - not trying to be negative, just realistic. 

.- Most contractors will cut corners, or worse, once they figure out they won't be watched closely:( Your job will also go to the bottom of their priority list.Monitoring progress is relatively easy: hire that same inspector to go by weekly or before any payments to take a VIDEO of:1) What was done2) Quality of workmanshipOne other thing you didn't ask about, payments to contractors.- They all want 50% down or as much as they can squeeze out of you. 

About a week ago, the borrower came through, paid all past due payments, paid all the costs associated with the foreclosure, and the note is now current.I learned this strategy from one of my clients.