My plan was to keep the condo as my residence, but after a year, refinance to fund a down payment on a multi-family property, either out of state or in the surrounding NY area.

You'll likely need a higher down payment if you can find anyone willing to finance something like this as a first time investor; many require some level of rehab experience at the very least.

However, with a SFH you will lower your standards when vacancy arises more than one month as you have no income coming in to male that payment.  

This isn't 2011-2013 days but many people are stuck in that time period STILL.As I finish my licensing study, I'm very grateful I chose this route as opposed to being a one trick pony.Wholesalers did themselves in by their method of operating.  

My client had some things come up that prevented her from executing, but these were some of the options I had put together for her, a regional bank, a regional CU, and a national bank.Reminder that NOI sizes CRE debt, and that's often what determines the down payment requirement, not anything to do with the client or particular lender, just the property itself.

A $100-$200k down payment would get you a decent multifamily property, possibly with land depending on where you look. 

I think what @Garrett Brown is getting at is using this in addition to other methods.

It's probably going to mean paying points at closing, a high rate, and a serious pre-payment penalty (like 5 years). 

Our lease had an early termination clause requiring a one-month payment, but that didn't seem fair to her as she hadn't even moved in.How would you handle a cancellation prior to moving in?

I financed this property using down payment funds from 403B and a local commercial bank. 15% down from personal funds. 85% down from community commercial bank. 3yr balloon, 20yr amortization, 7% interest rate.