Renting could allow you to focus on paying down debt and saving for a larger down payment, while buying now could help you start building equity or even generate passive income through house hacking.

Positive cash flow and low interest, i assume, long term loan is an enviable position that with time will produce larger cash flow.  

I was in a similar position a few years ago, but fortunately got married and our combined incomes helped us qualify for a larger house hack.We're on our second one in NOVA, Alexandria to be exact, and instead of rent by the room, we are renting out our walkout basement on Airbnb to monthly guests.That said, we have a number of friends doing well with rent by the room across NOVA, though they're purchasing homes with 5+ rooms or finding homes that can be renovated to include that setup.I'd recommend attending meetups such as the one I cohost, NOVA REI or Cashflow Breakfast Club or any of the others to meet those who are house hacking.

Your real estate happens to be a % of the larger piece. 

At the pro forma income, the cap rate would rise to 8%, which is more reasonable but only achievable after renovations.

Or should I wait it out a couple of years until I have a larger amount saved up.

Here's a breakdown of the situation:Current Occupancy: 80% (16/20 units occupied).Current Gross Rent Roll: $14,265/month.Market Rent Potential: $17,665/month (100% occupancy).Renovation Needs: 15 units require full renovation ($10K/unit), 4 units are 75% renovated ($2.5K/unit), totaling $160K in renovation costs.Vacancy Loss: $41,820/year in lost income due to current vacancies.Cap Rate AnalysisThe seller lists the cap rate as 9.59%, but this is based on the projected NOI of $119,858 (assuming full occupancy and market rents).

You can find online which larger institutions are buying in a specific area and try and reach out to them.

Renovation cost is roughly $30K.I guess what throws me off is that you say Cash invested: $60 

A fully paid for larger MF.