Or should I try to find a deal now and start the loan process?

I find good deals more often than I can afford to purchase them.

Appreciate detailed calculations and clarifications on if/how this is calculated different from a new deal.

As it is right now, it is not a good deal for anyone. 

Nice mixed use property came up for sale practically in my back yard in rural, south of Pittsburgh, Pennsylvania.  10 residential apartments + 3 commercial spaces.  They are asking 950K.Gross rents: 100,800Utilities: ...

However, finding these deals can be quite challenging if you are new to this market, as it varies street by street.

You would have to buy that property (or a % of it) and then contribute it into a new LLC.Since you're buying the actual real estate as a tenant in common it does become a little easier to deal with the debt.   

I don’t know that there are certain buildings particularly and heavily populated areas that do not allow for Airbnb rentals but that’s completely different Love you deals directly with the homeowners Association of the property and not necessarily Airbnb or the state of Florida.

I am wondering if it is a good idea to invest in one of these foreclosed homes or old single families. the prices there are actually extremely cheap compared to where I live in new jersey. my overall plan is to own multiple rental properties. 

Terms can vary based on the lender and the strength of the borrower or deal.