I would require an estoppel certificate from tenants and seller to determine if they really are paying on time.

Now, that is generally speaking, I know there are some programs out there that might allow you to do it but you will need to find the right lender or broker (which I'm sure you might find here in BP forum). 

@Brandon Rush @Jamila Thompson just to piggy back off Brandon I would definitely start with a FHA program.

If you plan on living in the home for a year the state offers programs if you go that route.

So go with a fourplex since it qualifies as a residential loan (5 plus units is commercial) and you take advantage of first time home buyer program (low down payment :)).

My cousin just got his home inspection certificate.

Also I am in a masters program at Montclair State university for software engineering so I figured, instead of paying someone else rent, the faster I get a property, the faster I wont be paying high rents near montclair.

@Cheree HarrisI cannot speak to the specifics of a lender program I don’t know but if the lender said they would lend you 80% LTV then they would theoretically cover $48,000 on your provided example. (80% of 60k)

@John Gardner You can refi them as long as they debt cover (min 1.2) and you have a long term tenant in place into a 30 year fixed program.

In full disclosure I am not looking to join one, I simply want to hear from those that have.If you have currently invested in a group such as this, what was the value you saw in the program and what was the determining factor that made you decide it was worth the investment?