Hi Even,I don't know about DPA and Grants but I do have a great program with only 3 precent down and low interest rate.

Either way, the property will cash flow like crazy once my unit is rented.I have enough capital to get into a bigger property with low money down and am seriously considering a triplex or fourplex for the next one.Here’s the issue: My lender (local bank) says I need to be fully moved out and have a lease in place before they’ll proceed with my loan.

In terms of low competition, unless you are buying in the most rural or economically distressed area, there is always competition.

Quote from @Samuel Hudson: Hello friends I am new the market and recently bought a home in Weehawken 6 months backs .Its a three family home and we are currently doing renovations Right now.The rent leveling board told me that two units would have to follow a rent of 1650 for unit 1 which has three bedrooms and another unknown amount for unit 2 which they don’t have the information for .The previous seller I purchased the property from bought it as a tax lien .He has kept the property vacant for two years with no tenants before selling it to me .However ,the previous Owner he bought it from must have had tenants .I am putting in a lot of money into renovations and want some clarity on the situation I am in .The property has been vacant for the two years and currently still is as we are doing renovation .It would be really appreciated if anyone can assist me on what information needs to be provided by from the previous seller for me to be able to set the rent based on the market value .Thank you . 

To be more specific about what i'm looking to do: My 1-2 year goal is to employ the BRRRR strategy with SFHs and Condos by buying distressed / highly undervalued properties that need work (preferably all-cash) in low crime areas with strong rental demand, renovate them within budget (again preferably all-cash) and get them rent ready before refinancing them at the highest ARV possible.

Most of those old houses with the upstairs ceiling rooms are just about 7 ft in the middle of the room but they go down to as low as 3 ft.

That’s why you get a discounted interest rate and a lower downpayment, because owne occupant properties are low risk. 

A debt service loan would be a good option if your DTI is high, you want to close in an LLC, you're self-employed or have low income on paper, or you don't have a stable 2-year work history.

Its one of the few where the low periods are nowhere near as slow as others.

If you want to buy your first property ASAP, house hacking (duplex, triplex, or renting extra rooms) is one of the best ways to start with a low down payment while learning property management.