One other question I wanted to ask is if during a short sale if the lender would be agreeable to pay a portion of the closing costs?

@Asher M.Possible, yes but like your lender pointed out it's going to be difficult to pass the self-sufficiency test (SST) for a legal 3-4 unit property.

Melisa Justice, and she helped me navigate the entire Journey, it was a process not too long, it took about a month, and the process would have been definitely very hard being that I was on a different state by Melissa made it a lot smother, she was very responsive to all my questions (and I had a lot of questions), she helped me find a lender that would fit better for my financial situation, once I was pre-approved she connected me with the right property inspectors, and all through out the process she kept in touch pointing me the right direction all the way until closing day, all this to say I Definitely recommend her for any body the is finally ready to take the plunge and get started with their real estate carrier, I definitely will get in touch with her when I'm ready to buy my next property!

Don't chase the market to the bottom.And Check current comps before you make that offer and close on that new purchase. 

I don't want to rent it out as it seems like an electrical liability - and I'm not sure if renting it to others would be legally possible seems how we don't own the land.

Hello, I currently live in my home, I'm closing on a 4 unit 2bd apartment building (which I will live in one).

Buy box: Location: Approx. 30 min drive to Boston Heights, for workNeighborhoods: Decent walkability score - not far from shops/restaurants/trendy neighborhoodsIdeal tenants: Close to hospitals/universities/schools for professionals/students/familiesBudget: $175-250K - Buying w/conventional loan, 5% down/ approx 20K reno.Property type: MFH 2-4 units - preferably side-by-side, with a yard we can fence for our dogUnits: 3+/1+ - better if 1.5/2 bath per unitTimeline: Plan to live there for 2 years, but possibly only 1 year if we find another investment opportunityGoal: Focus on appreciation - would like to see cash flow in year 2-3 (the year we move out), including overhead (Vacancies, Maintenance, Utilities) and budgeting in PM if eventually we don't manage ourselvesValue add: Opportunity for some forced appreciation, but not a full reno - cosmetic upgrades and updating kitchens/baths while we live in one unit.

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

When I bought my STR, a couple of months after I closed I was killing it with bookings.

Originally posted by @David Hines:I would recommend checking their comps and repair values very closely.