Tons of Motivation, not enough $$.... FEELING STUCK HERE, help

[Natalie Allen]

OK BP friends, as of now I have gotten my feet wet and am dying to JUMP into the deep end, I've been spending a lot of time 'learning to swim' in this lake of RE but I'm feeling a little stuck. I have done a few wholesale deals & got my first flip finished and under contract, just waiting on a closing date. So far I have been paying off old debt from an injury , which was my original reasoning for starting in RE. Now that I'm seeing the end of that tunnel I want more. Much more. I see what some of you have accomplished and I KNOW I CAN do that too. My clear goal is to acquire 20 doors before my 35th birthday & be financially independent (I have a little over 5 years left to do this), I'll be turning 30 in September and would love more that anything to have my first income property by then. I have been offered private $ at 12% interest only payments for up to 12 months, at that point I would need to refinance to a long term loan. My credit is still repairing after being injured and I want to keep building up savings. I'm just not sure if I should just go for it, or wait until I can get lending on my own. Here is a specific example: there is a rented property for an asking price of $35K that rents for $595. A friend of the owner says I could probably get it for closer to $29K. Tenant pays all utilities. This is a property that could eventually be flipped with around $15k in rehab and ARV of $85-90K. So the interest only payment would be $290 for up to 12 months. By my math (and feel free to correct me if I have this wrong, all advice, criticism welcome good and ugly) I would be paying a total of $3480 in interest for the year. When I go to finance, if I cash flow recycle the money I'll have approx $3660 in reserves if nothing breaks in that year, which I expect. I already have about $3000 that I can dedicate to cap ex so I could essentially have about 10% to put down when I refinance. If I put 10% down & finance $26K at 8% (which might be too high) over 20 years I am looking at $217.47 plus tax & ins so say $310 total. Is this a bad idea or a good way to start? I know it's not ideal but I don't want to sit on my hands for another year and miss something just because I didn't ask the questions......

 Long term I want to do more large multi-families but I feel like I need to start somewhere.  Thanks BP friends, you all are my heroes.