That's how I went about it and we ultimately decided to do out-of-state investing in apartment complexes.

I survived.

What's the ultimate goal of your transaction?

So assuming i can get a multi family ulitizing fha and 3.5% down to ultimately add to my portfolio down the line

I enjoy designing and doing the labor on homes but don't want to get caught up in it if ultimately I'll be taxed to the point of it being pointless.

When I held everyone jointly and severally liable for not reporting a significant water leak under the kitchen sink, they caused a stink but ultimately paid a portion.You'll also have tenants moving out when others stay, so you're trying to decide whether to take from one security deposit now and one later for common area damage.

Ultimately, go back to ARV, which in Baltimore it is block-to-block dependent.

I briefly looked in Bethlehem but ultimately decided on NJ because of its close proximity to NYC.

If you're attracted to the low down payment structure of FHA, your son could obtain a conventional loan, with as little as 3% down that would cost him less over the life of the loan (mortgage insurance premiums are generally less with conventional, and ultimately cancel once enough equity is obtained).Either way, if your son was in school prior to working this job, and the job is full-time salaried, a lender without overlays should be able to use his current income to qualify him.  

We initially planned to flip it but after doing some more research we are leaning towards keeping it and renting it out since that is our ultimate goal.