When you say multifamily are you talking about small(residential 2-4 units) multifamily or larger properties? 

what I was thinking I can do is move my family into the empty unit after the lease is up and attempt to furnish the unit I live in currently ...

I recently found a property on Zillow that looks to be in good condition (built 1940s) and has a finished basement that could be rented out as a Mother-In-Law unit (separate entrance, kitchen, and bathroom) while my partner and I live upstairs.

Although you live in one of the units, you are treating the other like a business presumably and will be reporting income and expenses for tax purposes so you really should have a separate bank account.

Investment Info:Small multi-family (2-4 units) buy & hold investment.

Stephen I can’t quantify that very easily with the information I get to but I would say with decreased in enrollment and increases in number of available units.

If you notice my posting history I am investigating purchasing my first condo in the next few months and am investigating some potential scenarios.I am looking into living in the unit for a little over 1 year and putting it up for rent either with HCV/Section 8 or finding a tenant through my brokerage(L&F) or other means. 

Seems like the bank owned ones are federal national mortgage association (Fannie Mae). 

The city offers a strong rental market and with affordability as well as a median home price below the national average, the city stands out as an attractive option.

Are all the units vacant?