Hi @Kendra Gaines when you buy property, specially that needs lots of work , Does buyer/investor generally takes loans?

It's to a cash buyer, no banks involved.

That's buyer's monthly cost to own the property with owner financing which is lower than their monthly rent. .  

The the buyer for a SFH is a diferent buyer than for a 2-4 unit. 

Just buyer beware especially if it looks like an unusually good deal.

Plus, the homes near me are very expensive, I don't plan on doing live-in/rent-out.I spoke with a family friend, who has worked as a lawyer on real estate deals, and she mentioned that I'll be 'missing out on first-time home-buyer' perks if my first purchase is a rental.Could someone shed some light on what these perks might be?

We bid on first multi family with fha and lost and understand buyer was wary of fha backed loan.

@Kelvin FunesBergen county is a great area to raise a family, hard area for first time buyers for various reasons - the stock of multi families are limited....they rarely come on the market....and when they do they sell quickly often before hitting MLS.

The buyer ask for owner financing because they are retired and difficult to get a loan and yet don't want to used up all cash.

Rent $1,450 to Tenant / Buyer with a $7k to $10k option consideration fee.