This is the form you give to your new tenant the day that he/she/they plan on moving in.

You won't live for "free" with a multi-family house-hack in the NYC Metro area, but if you can lower your monthly housing expense while building equity, benefiting from rising rental income (over time, rents tend to rise), tax advantages, and invaluable RE experience while living in the property that you own and have tenants in, I think it's a no-brainer.As far as location, it depends on your needs, like work commute, proximity to public transit, area amenities that are important to you, etc. 

New Jersey can be a tough market to invest in.

Depending on which re-opening phase the State will be in I might go.

I guess i should've asked a disclaimer to this post... all super helpful information regardless, but my plan was to BRRRR the multiunit.. but now i'm hearing from other people that it's really hard to refinance out of a 203k loan once the renovations are done and the renters are in.

And if ten people move out of the city, thirty people will vie to move in.

Apparently we got one set of people out and new ones moved right back in.

What state are you located in? 

A 203k loan is usually used when doing the purchase of a property, allowing a low downpayment and the financing of the project to be built in.

If I were looking in an area I did not live in I would go to homepath.com, the Fannie Mae REO site and look at the listing in the area.