Let's say $300k, you then agree to the purchase price but add your own terms (ex. 0% interest, 5% down, 16 years to pay back).This way, you're paying (example) $1,800/month but renting the property for $2,400/month and pocketing the difference.Anyone have success doing such a thing?

It was high rent, low entry point area but within 6 months I dealt with an eviction and electrical issues.

Over the summer my wife and I bought our first condo with the idea of renting it out later on down the road and kicking off our investment journey.

What the gurus do NOT tell you is they expect you to get a Class C S8 tenant to rent a Class D property. 

I was renting it for $300 a night and Evolve has been listing it for $120 or less.

If I donated to aids health foundation and they spent the money on rent control instead of aids research or health care, I would be pissed.  

SFHs are largely exempt from many regulations such as rent control.

I plan to live in the multi-family for a year then move out and rent the unit.

Another huge thing to consider is laws and regulations, many times new investors will jump at Hudson county thinking the proximity to NYC is great for renting (which it is) but many of the municipalities in Hudson county have very strict landlord laws. 

What is your rate, term, LTV, and rent?