Foreclosed multi-families are rare in comparison to SFH's so I'm sending you a virtual high-five on finding one and planning on keeping it.

BRRRR is the only way i'd still consider this possible, but deals are rare, competition for those is fierce - i hear about 1/3 of all purchases are from investors these days.You (or someone you know) need to know the areas and where to invest, and where to stay away from.

It's not much, but when combined with the rental amount for the month it's usually enough to cover most emergencies that come up.

@Dan Barnes, Key Bank does a Combination Loan, which would only require 10% down.

**We also live in a community that has an Air Force base so there is rarely ever a shortage of tenants.Thank you in advance for any advice!

They can't do it, because they're neighborhood association strictly forbids renting out rooms.It's also possible, though rare, for an individual city or county to impose extra conditions. 

They exclude the most probable things many times and leave in stuff that rarely happens.

Unless you are a cash buyer, the mortgage pre-approval letter is your Proof of Funds.Multi-families are relatively rare in our neck of the woods in Northwest Jersey. 

Now is still a good time to buy IMO because if you find a good deal there's not a ton of competition, which is a rare situation over the past couple years. 

You don't combine conventional and HML loans as its two liens on the property and neither will do it.