In my opinion, the ideal is to be the second owner (2-5 years old).

I am a second lienholder on a property in Long Island, and I am looking for advice on how to navigate the situation.The property: Original Loan Value with Chase: 1.3M.

That said, I'm hoping to use a FHA loan for a second multifamily which I would move into and live in one of the units and fully rent out my first multifamily.Does anyone have any insight to provide for my plan?

My father is a65 YO and I am moving him to be closer to my in-laws in San Diego.  

It appears the owner is willing to carry a second mortgage.

Do to some delays I have now entered the second term of the hard money loan.

Please click on the links, give them a read, and share your thoughts in the comments.First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bpThe second is a post that will help get you focused with your real estate investing goals:https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciatedThe last one is a post that will help you choose an “investor friendly” real estate agent.

It is a two bed two bath house with a master suite at one end and the second bed and bath at the other with a two doors in the second bathroom.

This condo is on the second floor. 

Been racking my brain on this topic.I try to keep these thoughts in my mind, often conflicting because today, this very moment, things look crazy:"The best time to was 20 years ago, the second best is today."