So, my budget then would have to take into account the rent i wont be receiving and i'll be paying the mortgate and expenses out of pocket. 

First off- $4.5M for 48 units and 50% are vacant is not a steal, unless this property is located in a downtown area and you have a contact with a developer who will pay 2X to build a high rise. $93k/unit for 50% vacancy doesn't carry hardly any debt, hence why they are capping you at $500k.

But then i ran numbers and realized that at current rates i have to pay 4300 (3300 Mortgage, 1000 Prop taxes ,900 HOA) . 

They're probably fine with you paying for additional marketing as long as they aren't cut out of the deal.

Hey,If "building class designation" is the same as zoning, then this seems like it can definitely be appraised as a two family, with both the legal and actual designation as a two family.Depending where in NYC, that may not help your valuation, as primary residences sometimes sell for more than investment properties, so check that out before challenging the appraisal and definitely before paying for another one.Double check all this with your lender/broker as well.Best of luck!

You identify the problem (lack of deposit) during your inspection phase, then hit them with an objection that requires them to pay you a deposit at closing.

That means ar 7% interest they should be paying $1166 JUST IN INTEREST.

Just keep in mind, you get what you pay for.So where are these Mentors?

I like the option of putting more down if you’re paying 7% plus interest.

I’m POSITIVE you aren’t saying they are reporting non-payment when you are paying.