Avoiding major mistakes on first Deal

[Sam Worthy]

First Post as well as first Deal. I am 25 and just obtained my real estate license. My strategy is to buy and hold properties in my area. My goal is 4 multi family properties for 2017, (however this first deal will be a single family home with a vacant lot next to it and eventually build a multi family). I am located in Huntington, WV and there is a single family house for sale in a very good area near our community park. Seller is a good golf friend who fixed it up himself and wants 116k. He claims it appraised last for $161,000. Off market deal, is motivated to sell. Looking to buy and hold this property and intend to rent it out for about 1500/month. 4 BR 3 BA. Project a 400 plus cash flow after refi. Property is a double lot and I plan on building on the vacant lot in the future. I am borrowing the down payment from my dad at 20% down (23,200) and then refinance in a month or two after I find a local bank to agree to an 80% cash refi to pay him back and keep the property in my name, (anything leftover will go into a down payment on another home). Any insight/ recommendations on the deal/ financing tips would be greatly appreciated. I look to be more active in the forums and get into bigger pockets full time as this is something I am excited and passionate about. Past work history: Remodeling kitchens/ bathrooms/ and everything in between since high school. Hustle is my work ethic and I payed my own way through college with remodeling/ craftsman work. Looking to make the transition into an Investor. Thanks for your time -Sam Worthy