Newbie from Springfield, IL~advice, please.

[Melissa Hostetter]

Hello!  My name is Melissa and I live in Central Illinois.  My husband and I are considering purchasing our first rental property.  However, we are looking in the very low range- $20-30K.  I am a former social worker and I have a pretty good idea of who rents these properties.  That being said, we only have $6K for our 20% downpayment and it would take several years to save for a higher-range property.  Many of the properties we are looking at are currently rented in the $575-$650 range.  That would leave us around $350-400 in cash flow each month.  Our goal would be to purchase another property in the next year and a half- same price range.  

Of course, our main concern is that this would turn into a bigger headache than it is worth.  Thoughts?  Thank you so much!!

Melissa