Nashville New Investor

[Allison Lurie]

Hi everyone, This is my first BP post and I'm looking for some advice on investing in Madison, Tn 37115. I have 45k cash to spend as an investment from a family member and think I can get a rentable 3.2 for around 160k. I could get a traditional 30 year fixed mortgage. From the way the area currently seems, I could charge around 1400-1750/ mo rent. My main question is, with $45k is this a good first investment AND I would be paying the family loan back at no interest after 1 year. What is the best way to finance that? Pull out equity? An additional loan? Wondering if I'd be better off trying to find a multi family home in Murfreesboro or somewhere else outside the city. Maybe an REO. Thanks! Allison