Here is our situation:As you may know, the New York area, especially Long Island, is very high priced.

I think what swayed us the most, besides the beauty of the island, was year round rental income.

I am from Long Island New York and it is a beautiful place but from my initial looks, costs for ownership is quite high.

@John WhitfieldHere is some info on FHA Financing to help you get started;Single Family Residence or The rental units are an owner-occupied two (2), three (3) or four (4) unit property Maximum Basic Standard FinancingSingle - $271,050Duplex - $347,000Triplex - $419,425Fourplex - $521,250FHA Basic High Cost area limits are:Single - $625,500Duplex - $800,775Triplex - $967,950Fourplex - $1,202,925Financing for Hawaii, Alaska, Guam, Virgin Islands -Single - $938,250 Duplex - $1,201,150Triplex - $1,451,925Fourplex - $1,804,375Here is the site to search by county for the maximum financing. https://entp.hud.gov/idapp/html/hicostlook.cfmMaximum Financed Properties The maximum of four financed properties includes the subject property.Inducements to Purchase Certain expenses, paid by the seller and/or another interested third party, on behalf of the borrower, are considered “inducements to purchase” and result in a dollar for dollar reduction to the lesser of the sales price or appraised value of the property before applying the appropriate LTV factor.

I am originally from Long Island, NY.  

@Solomon F.I agree with @Wayne Brooks

Thomas in the US Virgin Islands.

A motivated seller contacted me from the state of Rhode Island and he needs to get rid of his house.

I currently own over a dozen SFR in Long Island NY about 15 mile east of NYC.

One property is in Rhode island, the other will probably be in Massachusetts.It's possible that one of the properties may need some work, and ideally would be able to roll in some of the rehab costs into the mortgage.