We are particularly interested in areas allowing a great lifestyle (good food, spending heaps of time outside, close to the beach, quick and easy access to great cities, etc) such as California, South West of France, Barcelona, etc...We currently own a 2 bedroom apartment (paid cash) close to the beach and the main English schools in Malta.

Food and traveling are the two most important parts of my life!  

I'm a newbie too so take my advice with a grain of salt, but I feel like you've done great already by finding a good deal in Westchester, and maybe instead of selling or doing a lease-to-own a refi and then rent could be a good idea?

Patrick,Food for thought:http://www.newsobserver.com/news/local/article10059008.html - outdated, but still relevant.

Although I do wish they would not have left the mess and food sitting out in the open when they left (especially in the bedroom).

Just some food for thought. 

Like I said I'm new also so take my advice with a grain of salt since there are people on here who have been doing this a lot longer than I have.

I have a tenant on food stamps who was at the social security office and saw me at the property when she got back.

At the time the property was valued @ $70,000 range by Valuation Vision, who's BPOs I take with a grain of salt.

What @Carlos Flores said.Here is some information, but not much.I can't recall for sure, so take the rest with a grain of salt, for FHA multifamily I seem to remember you need to have someone on the team that has done it before, and I believe a $5 million minimum.