Try to narrow down your options to the top 3-4.

It's great to see the inventory is coming back there are a lot of options out there and I'm feeling excited!

If that doesn’t work, then on to another option.

I think you’re under a misconception that’s leading you to think you have options you don’t…You say it’s worth $1.1M and you’d net $500k.

Some/many lenders don't like a 2nd mortgage behind their first (like the skin in the game), however there are both bridge or permanent financing options out there allowing you to leverage anywhere from 90% CLTV - 100% CLTV, but don't expect good terms...

I would check and see how many 1 bed and 2 bed options there are and what they are priced at because most folks will prefer the full place to themselves so rooming 2 people together could make getting bookings a bit more difficult (not always the case but something to consider)

Gas or electric would be a much better option, safety wise, from a house fire standpoint, CO danger, or danger to children or pets from the open flames. 

My two favorite loan options for getting started are the FHA 203k or the Fannie May Home Style. 

Rochester NY has a plethora of options under 250k.  

What are other options do we have if we don't have piror experience?