May buy my own down the road if the system works.Also of note - owner has been paying the water bill, it's not sub-metered.

I want to purchase another property (preferably multi-family) and move into one of the units to take advantage of owner occupant financing and avoid the 20% down. 

Their business model is just like any insurance model.... take in the most $$ and pay out the least... its that simple.Keep reserves and find your owner repair companies to do business with...And it took 6 months and multiple companies and visits to even look at the filter?

Bought my first property in FL last year with my mother as a partner. 50/50 she is the occupant paying the mortgage, I am a non occupant primary owner.

For instance, FHA loans frequently permit smaller down payments for multifamily buildings, increasing accessibility for owner-occupiers.Examine the Cape Girardeau, Missouri, local real estate market.

These expenses may include property taxes, insurance, repairs, maintenance, utilities (if paid by the owner), property management fees, and vacancy allowance (an estimate of the lost rental income due to vacancies).Calculate Net Operating Income (NOI): Subtract the total operating expenses from the gross rental income.

If you ask enough owners, you will find some who are willing to do it. 

I have come across a wholesaler who is assigning a contract on a property where they have negotiated seller finance terms with the owner.

Most work like this: •Rates: 9% to 13% (Most Deals are 11-12%)Terms: up to 36 Months (Most Deals are 6-12 months)Fees: 2-4 points(%) of loan amount paid at closing (Most Deals are 3 points(%))Minimum Loan Amount: $50,000 (For loans less than $250,000 $2,500 minimum fee)Max Loan: 65%-70% of After Repair Value(ARV) 100% Rehab Financing Available (Require 20% of purchase price down payment or cross-collateral)Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 2 Weeks)NO PRIMARY RESIDENCES, NON-OWNER OCCUPIED ONLY, BUSINESS AND COMMERCIAL USE ONLY.

The owner has done some questionable work with the kicker being an un-permitted unfinished addition that would either add 150 sqft or cost to remove/rebuild, still not sure how I want to approach this.