I would suggest working with a good realtor who knows the MF space and can guide you through the process.

I’m looking to buy a 2 family in Schenectady NY that is in fair condition, 203k it to good condition, and owner occupy it while renting the bottom floor for a year or two then hold onto it and rent both units.

I’m looking to buy a 2 family in Schenectady NY that is in fair condition, 203k it to good condition, and owner occupy it while renting the bottom floor for a year or two then hold onto it and rent both units.This area is historically not the nicest (in fact there are some ghetto areas) but a lot of money is being put back in throughout the area and his has brought serious investors back.

Specifically ones who are well experienced in the multi-family owner occupied space.

Hi John, the first floor is currently vacant so that is not an issue. 

@John Warren thank you for the advice, I am looking to house hack in Delaware right now, I have a small family so I need a little more space than whats available in the city.

As I look at the current asking prices and run numbers, I am not finding anything that makes sense. (1% rule is not happening and cap rates are like 4.25%-5%)I am new to this world, haven’t made a real estate purchase yet, but I am interested in meeting people in the space and learning as much as I can.

It seems that some buyers might like having a condo with open spaces that are limited common areas they can call their own.

My father does all the construction work and keeps up with the property. once purchasing the building my father renovated second floor apartment.

These parks can work...but the only way they can with this low of lot rent is if you have partner who literally lives within an hour drive of this park or you have another park that is larger within 20-30 min drive of this park and you can have a manager look over this park as well.Or if you live in that area....Smaller parks are great for getting experience but can be really hard to sell on the exit strategy becuase the time it takes to run this park....your better off with park thats about 25 spaces....6 spaces in the midwest is really hard to do...unless lot rents are apart 500 a month or so...because of the % per space is the same and your downside exposure if someone moves out is a lot greater % of your income vs a park that is larger.hope this helps