The new property wouldn’t cash flow much but neither is the old one I have.

Im looking to invest in a multi family property with the NYC/NJ area.

Does this mean that you can convert a single-family property into a duplex? 

Should I start and look for properties with my 15k or should I keep waiting and get 30k and then start investing?

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $125,000

Interior rehab. New kitchen, bathrooms, paint. Purchased at auction.

What made you interested...

Hello, I am looking at some multi family investment properties and I see big difference in price in properties that are turnkey from ones that are fixer uppers.

One of the things that make "Agency" guidelines good is that they are standardized across all states so you will not find many differences in Conventional, FHA, VA, or USDA loans. 

. - unless you get some whacko judge, there should not be any issue collecting rent on unpermittted unit, having a move-out cost (no fault eviction) in excess of the standard rent control or eviction process in excess of standard rent control hurdles.    

My family has a 0.5 acre piece of property in Austin, TX east of 35 near the old Mueller Airport.

If not then other owners could have a very negative influence on your property.