Is this something people do? 

We are currently looking to acquire in Texas a medical building for about $2.4 mil all in (purchase and rehab) with hard money lender with about 20% down at 8%.  We are also considering to purchase land (there is lots...

When prices are high, fewer people can't afford to purchase so they are forced to rent.

I'm sure people have also tried this in Cleveland and Detroit and Memphis. 

Some investors will even buy it with the tenant in place if the rent is solid, which avoids any disruption and speeds up closing.

This may have worked for John but for every John out there, it probably backfires on people 9 times.

Given that you’re looking to buy a 2-4 unit property, are you looking to house hack it ?

Quote from @Adam Macias: A 50-year mortgage sounds like affordability — but it’s really it'll be debt that never ends. lolOn paper, stretching a mortgage from 30 years to 50 lowers the monthly payment, yes.But in reality, you’re paying far more in interest while barely building equity for decades.If you buy a house at 25 years old if you're lucky, you'll be 75 when the mortgage term ends...It’s housing that feels like ownership but functions more like renting — just with a longer contract and a higher total cost.The real problem isn’t the length of the loan.It’s the affordability crisis that’s forcing people to consider lifetime debt as a solution.Until we address prices, wages, and supply, extending loan terms only delays the inevitable...The further elimination of the middle class chasing the American Dream of owning a home. 

I’ve noticed a lot of people here doing well with plexes and smaller multifamily, but curious who’s syndicating larger 50+ unit apartments?

You plan to buy a multifamily property in a year and a half and also to live in one of the units and rent out the others.