First rental property

[Darien Ici]

Hello,

Im at a crossroads on whether or not to make the jump and purchase my first rental property. Taking into account the equity and appreciation/depreciation that may or may not occur i cannot seem to justify putting down the 25% (i do not qualify for FHA or VA as i am an out of state investor.) That is required for an investment property, a single family might i add. I have found a deal but the $400 in monthly profit against the 30k downpayment /40k total to include closing fees has me very wary. Any words of advice?

*I am currently living in the middle of nowhere..literally and therefore will not be able to to purchase a property where i am living as they do not sell. The area is very renters oriented.

I may be losing motivation due to the fact that the original game plan was to put down less than 25% on a multifamily and achieve a higher level of income. I was ignorant to the fact that without an FHA or VA this was not possible with a conventional loan.