@Frankie Lotrec if you have an existing loan on the property and you plan to legally convert from a 4 unit to 5 unit , you should check the loan documents because you’d essentially be converting it to a commercial property, since 5+ units is considered commercial and subject to different appraisal approaches and so it would rule out the property being considered for purchasers utilizing residential financing.  

it allows you to own an investment property that you purchase with financing options only available to owner occupants.

Purchase Price & Seller Financing TermsYour neighbor wants $200K, but the current value of the home is closer to $160K-$170K.

From a financial standpoint, the key is to ensure you're purchasing properties at a price low enough to make rehab costs and refinance achievable.

Is this LTV based on ARV or the purchase price? 

(Sale price - selling costs) -(purchase price+ purchase costs)- renovations = taxable gain. 

@NA NASince this is your first purchase, focus on finding a property where the numbers work, rather than just any deal.

Property Taxes Will Likely Increase After Purchase•If the current owner has a homestead exemption, their tax valuation is capped.

Westchester, although one of the hottest markets, has a ton of upside with opportunities for both cash-flow and equity. 2-4 family properties in Westchester are the 2nd most affordable in the NYC Metropolitan area (next to Suffolk County) making it easier to find cashflow opportunities when compared to the boroughs and other suburbs like Nassau.A client of ours in Westchester recently purchased a < $800K 2-family with a detached 3-car garage which brings in additional rental income - from a local business owner with commercial vehicles.

Great question - the seasoning period typically begins the day that you purchased the land.