This type of financing will typically look very different and more like a traditional commercial real estate loan.That means a DSCR calculated based on a full NOI and expense load (so inclusive of vacancy loss estimates, credit loss estimates, repairs and maintenance, utilities, management fees and more – in addition to the property taxes and insurance expense that are the only expenses factored in on traditional residential style DSCR loan financing).Additionally, the DSCR minimums are generally going to be higher (typically up to 1.25x), the loan to value ratios lower (higher down payments) and underwrite more sophisticated (which makes sense considering the size and scope of the property).Many multifamily investors for properties of this size (such as more than 11 units) can syndicate capital and have more sophisticated financial and entity structures – its definitely a different world once you get up here in unit count.In Conclusion – when you are looking to invest in multifamily real estate and finance your investment – make sure you have the unit count in mind before you start shopping – the unit range can have a huge effect on your options.

I know things are expensive in NYC, so thinking about investing out of state could be the way to go.

They  justified it by saying the mortgage was paid off but there are still other expenses. 

It is also advisable to set aside reserves to handle mortgage payments and expenses for both units.It's important to think about the demand for units to ensure a steady rental income.

Does the income cover your expenses and generate a positive return on investment?

A lot of investor just sit on land because nothing is available or it's just too expensive to get at that time.

If and when I assume the loan, I can rent it out for about $2200, which will generate about $835, no HOA and of course I will save some of that for maintenance/repairs and other expenses. 

I've never seen such bad roads in such a nice expensive area.

I was born & raised here and it’s getting expensive.

Do I have no choice but  to  pay expensive attorney fees to get this done, as I do not live in PA but here in TX.