Breaking Even (First Investmet)

[Kenneth C.]

Hello BP Community,

I live in the Philadelphia area and I'm just getting started with real estate investing. I'm a newbie and I am in search of my first deal. What that in mind, is it a bad thing to break even on a deal just for the experience? I'm looking to purchase a property for under 20K and invest another 40-50K to rehab the property. Houses in the area are selling for 75K - 80K, and if I opt to hold the property, I could get $700-$800 in rent.

Is it unheard of to take out a mortgage on a property for such a small amount with regard to investing? Would it be best to pay cash for the property and only finance the rehab?

An input would be appreciated.

Thanks.

Ken