The thought process is to buy a new condo or a town home, furnish with a high-end package, go with an established marketing / booking agency - and command higher rents.

Parents built a house in the 80s and just built as they went - no record of what they paid. 

I have a local bank that I work with and I just assumed they'd be good to go with a certain deal in a different town nearby...but it turns out they didn't want to do the loan there...so I had to find a different lender, and that slowed the whole process down!

You only need to put 3.5% down, so cashwise it won't get in the way of other real estate goals you may have.My first deal was a 4-unit up I bought withFHA3.5% in Santa Clarita.I lived for free (as opposed to paying rent) + enjoyed cash flow + built equity.

This is a college town in a good area that stays rented.

On the surface it sounds like you could get a great house with a good chunk of equity built in.

You only need to put 3.5% down, so cashwise it won't get in the way of other real estate goals you may have.My first deal was a 4-unit up I bought withFHA3.5% in Santa Clarita.I lived for free (as opposed to paying rent) + enjoyed cash flow + built equity.

Insurance carriers do charge a surcharge for older homes built pre-1930 and also for it being a multi unit.

I can admit this was not in a great part of town - and the fire department thinks the previous renter may have been some kind of drug dealer. 

Steve Kunen let me know if you start a Somerset County meet up as I’m not to far away from most towns in Somerset County