There is an immense amount of wisdom in the replies to this post, I hear a lot of positivity overall with a solid sprinkling of caution.I also question the validity of the agent's scenario you mention above in regards to taxes - you should speak to your CPA on how this purchase would impact you. 

I’d love to partner with someone and potentially go in a multi family or multi unit property!

Hello,I am new to the investment property market and wanted to see if my investment property goals were stainable and if I could get some questions answered. I live on the east coast and hope to buy an investment prop...

I'll echo that most of these Midwest markets that skew toward lower purchase prices are similar.Areas can be hit-or-miss and you need to really understand the risks and potential rewards before making the plunge.

as far as financing will go for your potential buyers the duplexes will be easiest because you can get both investor and owner occupants . the multi family 5 units and more will be cinsdered commercial and cut out owner occupants . the assisted living is extremely limited when it comes to financing and now it becomes a specialty item that's an investor looking to be in assisted living business 

I believe the property has potential, but it is going to be major.

Don't overlook the importance of knowing the rules, ensuring utility access, and researching the potential return on investment.

Repairs & Maintenance (5-8% of rental income)Take a look at the BP rental calculator to see all the potential expenses you may have while house hacking. 

A good agent will shrink your learning curve and help you avoid potentially very expensive pitfalls.  

Renting modest homes/units is a large part of why my portfolio is resilient in a down market as well.As I said last week, take some time now to improve / harden your properties to remain robust against any potential downturn.