So you might want to reevaluate that.Chris please remember the saying  "don't fall in love with the property ...fall in love with the numbers!"  

If a borrower defaults they want to be able to seize the property as quick as possible and laws regarding personal home ownership make that more difficult.Why does this property not fall within the guidelines, needs repairs, or??

When it goes bust in a down turn there is an over supply and rents fall and vacancies increase. 

They have been screwing landlords in Sioux Falls, Florida and possibly Chicago for years.

My original plan was to wait until late summer or fall to purchase my next property (because I will have the funds saved at that point for another down payment), but this deal came along so I figured it wouldn't hurt to put it out there! 

I just had a deal fall through cracks.

What if you buy a home with a large down payment and then another great deal falls in your lap the next day? 

. - currently owner occupied but I plan on moving next fall- is a home equity loan or cash out refinance loan better?

This would fall under commercial financing terms. 

@Dan Williamson I like your thought on buying at a discount, but if it's a struggling location, be careful of catching a falling knife.