The way I see it is if im able to come to an agreement with a buyer who has equity I can bring the loan current and pay off the rest of the mortgage then there might be a deal.

@Aaron Hunt  Yes.

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.