If you can afford two investment properties both vacant or not paying for ~1 year having reserve funds, I would say go ahead. 

If your floor looks kind of good you could use a colored polyurethane...one of those one step products.

They want 15 yr payments so I can't afford to keep paying both house payments.

They want 15 yr payments so I can't afford to keep paying both house payments.

Hey all,I'm looking to buy my first multifamily property and I came across a deal that I love the location of, rents are way under market, and I can afford. 

Start with what you can afford and then setup automatic investing (weekly or monthly).

Also, PA is a short drive away and much more affordable so consider that as well.

This is an owner occupant property, and we would live in it and fix it, but it is a total renovation which we could only afford to make a few very needed repairs.

@Manny CirinoMy favorite is blue ocean opportunities in commercial real estate - incredibly motivating and detailed plus a real story of one of the best real estate gurus whom I met after that and applied his strategy to make money successfullyBtw he practically gives the book away for $2 to help others - well Cherif Medawar, the author is worth millions so he can afford it but the key thing is the content is amazing https://www.amazon.com/Blue-Ocean-Opportunities-Commercial-Estate-ebook/dp/B00EKNF71U

The minimum loan amounts on some of these programs vary between $250K to $500K.There are programs for loan amounts below $250K but the rates are even higher but you still have the ability to utilize the 30-year amortization.You can go to the local bank and get a loan but their products are different.