Like others have said if you are coming from LTRs you may get a bit worried at how late folks are looking for housing compared to months out.

I want to buy a 1 to 4 unit multifamily and house hack it (live in one unit and rent out the others).

I mean this stuff happens in rental houses that are nice and newer or new. you either keep them in great shape which cost money or you buy rentals that you simply do minimal work on as the tenants paying 700 or 800 month have a very different expectation than a tenant paying 1700 a month.

We were able to negotiate as a buyer and closed on the house.

Hi Folks,I would like to know your opinion, is it good idea to buy $1M multifamily (two family) house for investment purpose in jersey city area (jersey city heights).

Invest with syndicators who have a narrow niche and proven track record.For example, if an operator has done 5 or 6 workforce housing value add deals in Dallas, and they are offering a similar deal now, that would be encouraging.if however, their current deal was a brand new luxury Class A building in Charlotte and this was their first acquisition in Charlotte and their first class A deal, as an LP I would pass.Find operators who do one thing and kill it in that space.Find operators who own or have gone full cycle with similar assets in the same market.For example, my firm, Spark Investment Group has a very narrow niche - sub 100 unit MF or BTR in Greenville SC.

We were able to negotiate as a buyer and closed on the house.

The house is 3/1, and about 1200 sqft in the living space though, so pretty quick interior wise. 

Quote from @Andres Lasaga: I am in the process of selling a property to the tenant I have been renting the house for 4 years.I want to outsource the promissory note collections and reportsIt would be only ONE property, for now, any recommendation of a company that can manage the collections and reporting?

You might want to consider doing a house hack to help you qualify for more.