And if you base an offer price on that, you'll likely have an extremely difficult time getting any traction. 

My budget will be around $200k but I’m meeting with a lender on Tuesday to go over all of my options.

Based on some of the research done, I am inclined towards starting out with a small multi family investment property (2-4 multi family home).

Question 2: if homes upside down on mortgage what are my options?

Hello Pychou,My names Sarah Naylor, I am a local investor and investor friendly real estate agent based in Lancaster PA.

They are based in Colorado but could give you good insights.

I would check and see how many 1 bed and 2 bed options there are and what they are priced at because most folks will prefer the full place to themselves so rooming 2 people together could make getting bookings a bit more difficult (not always the case but something to consider)

Being a NYC resident (originally from Long Island), the price of entry in the area is on the higher end, so I've been considering some options in the NY Capitol region, as well as NJ and CT.

Based on my experience of running properties, even if the build were to cost you as much as $600k but you could generate $125k/year, you'd be very happy with that investment. 

View report*This link comes directly from our calculators, based on information input by the member who posted.I’m considering purchasing two investment condos to help pay for my children’s college tuition in 13 to 15 years.