You can always start off by house hacking meaning you live in one UNIT or ROOM and renting out the other vacant units/rooms to offset your monthly mortgage payment.There are several ways to run and make sure you are maximizing your rental income while keeping your living expense as low as possible.

I think this owner bought a long time ago and likely has a paid off property or small mortgage so he can afford to take this kind of loss. 

@Andrea EvansIt seems like you have a really good plan in mind to house hack a four-plex in Cincinnati and rent out your existing Charlotte primary home.

This strategy is known as House Hacking which means buy as primary and rent out the other units or rooms so they can help pay for your mortgage.

Here are the announcements from Fannie: https://capitalmarkets.fanniemae.com/mortgage-backed-securit...

If you definitely wanted to be in Manhattan, then condos are the way to go - however they're generally more expensive than coops.One thing I've noticed with existing and past clients is that apartments in NYC don't tend to appreciate too strongly, unless you're buying something with 2+ bedrooms.

However, the mortgage industry is quite different now.  

If this falls through, I am thinking of just taking over the mortgage myself in a subto deal.

This is more likely in an auto loan, signature loan or credit card situation than a mortgage or heloc, but it's there.  

Join in on local seminars, networking events, and meetings for real estate to network with seasoned investors and gain insight from their experiences.Evaluate your options for Financing: Investigate your choices for financing multifamily residences, such as conventional loans, FHA loans, and other mortgage programs.