What is the cheapest STR or LTR I can buy that will give me positive cash flow?

[Lenny Reinstein]

Even though I am almost 50 and work in finance in NY, I have zero practical experience with the real estate investment. Dreamed about real estate investing fore years... 

I would like to buy my 1st property and try it out. I cannot be in FL to manage, so will need to hire a management company.

And don't want to start with a large loan. Want to start small. Where could I buy a studio or 1br that is a ready to rent condition that would make sense with the current interest rates and market situation,  and what would be the price range? Would love your advise. 

[Tyler Gibson]

Quote from @Lenny Reinstein:

Quote from @Tyler Gibson:

Quote from @Lenny Reinstein:

Even though I am almost 50 and work in finance in NY, I have zero practical experience with the real estate investment. Dreamed about real estate investing fore years... 

I would like to buy my 1st property and try it out. I cannot be in FL to manage, so will need to hire a management company.

And don't want to start with a large loan. Want to start small. Where could I buy a studio or 1br that is a ready to rent condition that would make sense with the current interest rates and market situation,  and what would be the price range? Would love your advise. 

 What's your budget look like? The cheapest property you can buy is not always the one that's going to be the best investment. It's important to look at other factors not just cash flow will there be appreciation? (This is how you really grow your wealth)

The budget is that I can easily come up with 60-80K in cash. And can borrow up to 200K. But would rather start at a lower price point. 
I.e., a studio in a popular spot that is easy to rent out would be something I'd be looking for.

 If you have $80,000 in cash you could probably borrow more than 200,000. However, if you're traditional financing pre-approval is for $200,000 it's because of your personal debt to income ratio. If you were to use something like a debt service coverage ratio loan you can afford up to 320,000. If you'd like to find a small condo for long-term rentals in the Orlando area I can certainly help you find something under 200,000. If you want to find a short-term rental I suggest you find something a little bit bigger at the top end of your budget based off of the amount of cash you have. Smaller units don't perform very well in the Disney area because you have to compete directly with hotels on price.