I make a little over 100k a year and have 50k currently ready for a down payment. any insight would be helpful.NJ/NY is crazy expensive so I'm not surprised you're looking out of state.

My issue is, I have very low interest rates and do not want to refinance and lost those rates.

That's primarily due to the collateral that is the policy death benefit....low risk for the insurer because they know, eventually, you'll die and they'll recoup the outstanding loan before paying out the death benefit.

I sold a few homes in Jackson MS to Naca buyers.. its a process and the homes had to be in perfect condition before naca would close  IE FHA or VA appraisal standards at the minimum.. the program is designed for first time home buyers or low income home buyers also NACA was very firm on us ( the seller) buying down rate and closing costs. 

Hah, more expensive than REI reply.

Assume $5k per unit and count the exterior as a unit, so a 4 family would be 5 units and assume $25k expense after closing.If you have any questions, let me know, I'd be happy to answer them for you.Good Luck,Derreck

Value in Real EstateWe've all been there: that shiny, low-priced property screaming "deal!"

For $30k it is going to be tough to find a lender for that low amount as underwriting will eat up 10% of that amount.

The mortgages and closing expense can be written off to eliminate the taxes as you want 

I love doing reno work with the contractors I bring in as I can learn and know the ins and outs of the property but I also want to start getting into larger multifamilies or even just duplexes or low income.