He looked at me, stone cold and said, "with the herpes, hiv and god knows what else is in that sewer line, those other guys, for $65, they can have that money." 

You will make your money in other ways though... usually through appreciation and debt pay down.

Multifamily property size, location, condition, and financing terms can all affect the amount of money needed to purchase a home in a B-rated region.

If I can instead have a long term unit that nets some money when I don't use it, and I don't need to deal with a noisy roommate, that'd be better.

Once the market is determined, we will also be seeking to make connections with contractors, hard/private money lenders, agents/wholesalers, & property managers in those areas. 

I would be using a hard money lender for this.

You can in fact use the rents to qualify to help get a higher purchase price approved.You are smart to be cautious because it will cost you money to start the mortgage process, pay for an appraisal, inspection etc.

It's great to have you here.Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/m...Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/a...Read Beginner’s Guide: http://www.biggerpockets.com/r...Check out BP Money Podcast: https://www.biggerpockets.com/..Wishing you the best!

Network and connect with a realtor, trusted general contractor, mortgage officer, private money lender, banker, and attorney.

It's a great way to increase your net worth and these loans can also be used to pull cash out of a property as it appreciates allowing you to reinvest money into new deals.Happy to connect to discuss further.