Goal is to replace W2 income, initially. 

I want to use this post to give a little insight on why I love commercial investing.How The Property Value is DeterminedThe beauty of commercial real estate is that it largely only comes down to 2 numbers: Net Operating Income (NOI) and Cap Rate.

A no income no doc DSCR (debt service coverage ratio) would be a great option for you .

I'm financially stable with good income, low debt, and good credit score. 

@Tony Manning depending on the county there are programs to help with the costs, but requires tenant income restrictions.

Lots of risk that you can't control and it is taxed as Ordinary Income plus the IRS will see you as self employed so you will pay all of the Social Security tax and perhaps a 2.5% extra tax if you make over $250k. 

Since I was a medical student, I've always been passionate about making smart investments for my future, and real estate has piqued my interest for its potential to generate passive income and build long-term wealth.

Co-ops, on the other hand, involve owning shares in a corporation that owns the building and can come with more restrictions and limitations on how you can use or rent out your unit.If your goal is to dip your toes into real estate investing as a primary residence before building a portfolio of out-of-state rental properties, it may be a better idea to consider a condo over a co-op.

How can I increase income from this property? 

I've heard you can designate a family member as an employee and avoid taxes if you keep their income under a certain limit.