Seller wanted to dispose property off market since there was a murder in the home in 2019.Home overall is relatively turnkey, Previous owner built a custom deck in the backyard, installed new countertops, HVAC 2020, Roof 2019.

The reason I think this works is many of the sales will be to owner occupants and that's what create neighborhood stability.

When the majority property owners sit and run the board, things are sketchy, which I found out six months in. 

Hey BP,I'm considering buying a property to first owner-occupy, and later rent out in the Bay Area.

In many states (sadly, my state is not one of them) you can do an "Assignment of Benefits" at closing and the owner can sign over insurance proceeds--I don't know if NY allows AOB or not.

I always push out of state owners to north side chicago B/A area where its very easy to manage and real life net profit.Using management companies and making significant net cashflow was a pre 2018 reality only.

Even though you are going to be the majority owner, remember that things can get a little wonky in business, and make no mistake, if you have 3 other "partners" in this deal, it is bound to happen at some point.

Owner Financing is a great way to break into smaller multi-family 4-10 units when a seller is willing to carry the mortgage for you up to a few years until you can qualify for a commercial / DSCR loan to refinance them out. 

The ADU was built as an in-laws quarters by the current owner, but we would want to rent it out separately.

(moderators,  if I am wrong delete one)I was the high bidder on a bank foreclosure auction,    I have attempted to offer the previous owner cash for keys and am getting the impression that she wants to drag it out and be evicted.