Ideally was thinking a duplex, triplex, or quadplex to get started and use an FHA loan but I also have a private lender that can possibly help with up to $200k worth of a down payment.

Don’t overlook the 10% down second home occupancy loan for financing a property like this.  

I am a VA loan specialist with The Veteran Lending Team and a proud Marine Corps veteran. 

Hire a loan servicer - plenty of discussion and recommendation on BP on this topic and some recommendations for servicing companies 

Also make sure you know what the rents are in that area because they vary in each Borough/Township. 

Get it under agreement for less than asking price and offer to bring the loan current and have them carry that loan.The way I see it is they are just getting MLS properties under agreement - the last five I looked at had been sitting on the market for more than 150 days (overpriced) because the payoff of the loan would not be satisfied at lower price point. 

These are the outstanding balances of loans to and from Partners and Related Parties.

If you're worried about cashflow, why would you do a 15 year loan with a higher payment -> meaning negative cashflow?

You take policy loans.

I went from a 15 year loan to a 30 year loan, locked in my interest rate at 2.85%, pulled out $111K in equity, and lowed my monthly mortgage by $20 per month.