First investment property; BRRRR or Buy

[Brian Christensen]

I'm new to real estate investing and I'm not sure what the best first move is. I have only ever purchased my existing home that I mostly rehabbed myself.  I have some start up capital but I'm pretty gun shy to spend it.

I have seen a few rental properties in my price range that I think will cash flow but I would have to invest most of my capital and thus limiting my ability to acquire more than one property.

I like the idea of BRRRR because it allows for faster growth however it seems like there are more potential pitfalls. I can do some rehab myself but with time constraints and depending on what the property needed I think it would be best to use a contractor. However I have only hired a contractor once (Bath Planet of the Southern Tier) and it was a huge headache and it would have been less stressful if I did it myself. For me BRRRR just seems a little daunting to take on for a first time investment.

What are other BP users experience or thoughts regarding a first time investor? 

I live outside of Ithaca NY and would like to keep my investment within the Finger Lakes area, once again another mental block, it makes me nervous to have all my money (investment) far away from me. 

Thanks for any help.

Brian