Rankings of a lunatic

[Lana G.]

I see so many different methodologies that it's difficult to identify which makes the most financial and situational sense. So here goes... I've got about 10K cash, excellent fico, great DTI. I earn about 80k between two jobs, one of which is for a mortgage company, so I'm fairly knowledgeable about certain mortgage related concepts. I'm also in Morrisville, Pa - originally from south Plainfield, lived in Newark for about 6 years before relocating to pemberton and then trenton. For the life of me I can't seem to figure out which way makes the most sense (for my situation) to make my leap into RE. I'm really considering just using an agent to buy a 3-family that needs some TLC and then working the 203k avenue. I mean, it seems "doable." Perhaps it's the numbers (of course it's the numbers). Should I save more money 20k-40k and stretch out my timeline? Should I take my 10 and put 3.5 down now? I really like the trenton area and I see that parts are redeveloping.... If I use a 203k, will I be mortgaged at new appraised value or at purchase plus repairs? Will I have to use licensed contractors or will I be able to do any work myself (a skilled relative)? Maybe this is too many questions for this one post. Perhaps I'm just feeling a little over ambitious (which is customary since I don't often fail at things... lol Thanks in advance everyone, the support and responses here are invaluable. Plus some of you are really quite strange and it helps me to remember that everyone with good business acumen "ain't always a good guy" (but that's another topic)