Is this an unreasonable idea?

Is it unreasonable to think I can pull this off for my first deal (first peice of property owned as well, I currently rent).

Live in CT
Annual income (combined with g/f who will be cosigning) is around $65k or a little more.
My credit score is probably 670 now, will probably have it at 700+ before I apply for loans. Her’s is a little higher than mine and will be improving before we apply as well due to debt paydowns.
Looking at 5-8 family homes that are $200-300k, mostly decent income producers in blue collar/lower middle class neighborhoods. Also considering something in a worse neighborhood that would be cheaper to aquire and turn a higher monthly income (this would be managed by someone else if I do it).
Looking to do 100% financing, 80/20. Would like to have the 80% interest only if possible.
Will plan on using whatever is left after expenses to pay extra towards the building and start gaining some equity and will be planning to use a lot of the money to get rid of some of my high interest debt.
Not looking to live on-site, it’s actually cheaper to stay where I am at and not take up an apartment that I can otherwise rent out to someone else for much more than my current rent. (I only pay $550 for 1000 sq/ft 2br with almost zero restrictions- home owned by family member)
Will consider living onsite if absolutely necessary to sway a lender to say yes.

Does this sound feasible? Anyone know any lenders that will take on a loan as I describe for a 5-8 family with 100% financed? I’ll even gladly take a little higher rate just to get my feet in the door, I can refi later. At this point if I am at least breaking even and gaining equity I’ll be happy.

It’s kinda hard to get a 5-8 family home since it’s considered commercial loan by the lenders. Why don’t you start with 2-4 units. You can reside in one of the units. Therefore, it will be an owner occupied property. A lot of my friends started that way.

Just trying to get something that provides as much income as possible. (so larger if possible) I didn’t really want to live in whatever I buy since I’d be loosing an apt that could bring in $700 or so a month, where I live is only $550 so it makes more sense economically to stay where I’m at. Might have to do it though just to get approved. What happens if I decide to move out, say if I get a SFH for myself? Do I have to refi just to move or do they not care about it be o/o after a certain term?

I don’t know about that. But I think it makes economic sense if you own your own property since it’s tax deductible. Plus, lenders are more confident with you since you have a property of your own. Not to mention a 2-4 units in which you occupy.

100% for a 5-8 family building would be very difficult. Like the others said, you could try to pick up a 2-4 unit or two 2-4 units if you want more income coming in.

In order to sign the loan owner occ, you have to state your intent to move into the property. If you move out (or don’t move in) you are supposed to notify the mortgage company. From my experience…once the loan is funded no one checks residency, so you could move out and still keep the loan. If they do discover you aren’t living there they could force you to refinance to NOO, not too scary.

I’ve helped several investors in a similar situation and everything worked out fine.

Right now I’m looking at a few places in the area. One seems reasonable in price and I am going to try to work him down a bunch on price. It is 2 two families on one peice of property (effectively a 4 family split into 2 buildings). Apartments are 2/2/3/1. Asking price is around $270k but I’m going to offer a good deal less.