Do this for a few months – you may want to take a real estate course to get your license – Attend REIA's – BUT do not trust the sales pitches you will hear – I don’t think you should spend your money on those programs – if you want to spend some money – get a mentor –The candidate for your mentor should be financial successful – in many phases of making money in real estate; auctions, tax sales, lead generations, contract engineering, assignments as well as the many creative clauses’ used to buy real estate.I think you will do well – take it slow and easy – don’t be influenced by big talkers – counsel with spouse – create credit lines – be ready with a form packets of contracts – assignment forms – notes – disclosures and blank checks – study and learn from others ------ AND HAVE FUN – your journey to a better income and more of what you want out of life is exciting and profitable.

One thing that might influence your decision is your beliefs on asset allocation.

Some brokerages will tell you sweet nothings because they know your sphere of influence will likely produce a couple of sales before a new agent peters out. 

Owner occupant, investment, or commercial would influence the down payment, term, variable or fixed, and interest rate.  

If they are only seeking a check every month and the largest amount possible based on the equity of this other property then sure it's a fine decision.A couple other thoughts though:With a smaller multi-family a vacancy is felt more financially than with a larger one, but the extent of that is influenced by the market's local metro and property location; andWhy not use some of the equity from the property to fund the purchase of the smaller one and then have two properties generate (probably) the same amount of income or more with debt service on both.  

The neighborhood influences value but it doesn't mean that house is 400K. 

In this world of too much information and the need for attention to detail I personally like getting as much information as I can on any given subject; especially if it might impact or influence my personal financial situation which this does. 

Outside influence of family and friends some who do and don't invest have all gave me the assumption it would not be smart for me to invest in yonkers just mainly because of taxes and property price .

I try not to let the negative post influence me!

Any external influences such as short sales, death, divorce, etc that affect a sale price means that property should not be used as a comp.