I doubt any respectable lender will consider a property without electricity and missing breakers as "working" as the property is not habitable in this condition.

You can find duplexes under $180K in C-class neighborhoods, in decent condition, that meet or exceed the 1% rule

So, we found a California based lender that we started working with, and got our initial approval with a few conditions (documents etc.) that they need, no big hurdles. 

Do the condition of the units match market rents?

Plus, multifamily properties often qualify for owner-occupied financing options with lower interest rates and down payments.As for timing, here are a few things to consider:Market Conditions: Keep an eye on local market trends.

Prioritize stable cash flow, good location, and manageable property condition, while considering strategies like gradual rent increases, expense reduction, and value-add improvements to enhance returns.

Miami is still doing well, Fort Myers is adjusting and has lower real estate than 12 months ago, etc..)My simple thought, for what it is worth, is choose a place to live and not invest in:  choose the location you and your family WANT to live in ( because of the schools, taxes, weather, other family there, etc...) and then buy and do real estate there (and get whatever licenses you need once you start third party management).I wish you well!

This included some landmark deals including Rockefeller Center’s $3.5B loan and Miami Beach’s Fontainebleau $1.2B refinancingAlternative lenders filling traditional banking gaps with short-term solutions which has already begun a cycle of consolidation that will likely continue and accelerate in 2025The Office Sector Divide:CBD property values are down 50.7% from 2021 peaksClass A office properties seem to be in their own vacuum of prosperity with trophy properties commanding premium rents ($100+ PSF nationally, up to $247 in top markets) with strong occupancyHybrid work continues impacting older building valuations which have not faired as well, but this may begin to rebalance as more companies are instituting mandates to return to physical officesChallenges & Opportunities:$1 trillion in loans maturing by 2026Interest rates up from 3.5% (2021) to 6.74% (2024)Experts such as AEW’s Michael Acton and Blackstone’s Nadeem Meghji see the best entry point in the last 15–20 years and we agreeMarket Outlook:Current market conditions present unique opportunities, with inflation-adjusted prices at historic lows and yields at decade highs.

In lieu of living quarters, and if your area doesn't really need the value of a garage due to weather, the best uses I have seen are full-service home offices or gyms.

•Likely, the new property wouldn’t be cashflow positive due to the market conditions.2.Upgrade to a Bigger Property and Sell•Sell our current home and move into a larger house to better meet our family’s needs.• Use some equity from the sale to make this transition smoother.I’m torn between maintaining our current home as an asset and buying  a new smaller house to use as a rental after we move back in versus simplifying and focusing on a single upgraded property Considering factors like market trends, potential equity growth, and quality of life, which path do you think would be most beneficial?