Thank you everyone for the very helpful replies. I am very eager to learn and begin. I agree that the numbers for this property are not very good. I'm currently heavily invested in another business that I've slowed expansion to diversify cash towards another industry, in this case, real estate.
@Race Ostler
I had not heard about Mountain America's mortgages. Those down payments are impressively low. I will make sure to check with them. Financing a 4-plex or less with a residential loan would be a great way to start out.
@Jaiden Olsen
That is a really solid spreadsheet, far more sophisticated than mine. Thank you, it is more helpful than I can say. I estimated the closing costs at 2% of the loan without really knowing what they would be. Some reason I lumped repairs with capex in my head. Thank you for correcting me.
@Don Spafford
The Salt Lake market is expensive and I am envious of markets with better cash flows. Utah has an easy website that lists most MLS listings. You're right that I stuck with the area to be closer but perhaps local options are not the right route to go. I need to learn the same for other markets. Discovering opportunities is a difficult skill to master and I look forward to the day I find myself with a few available.
I spent 6 years in Eastern Idaho and have family in the area. I am new, want to learn, and want to build a portfolio. I am not necessarily looking to only loan out money but that is something I can bring to the table if it means learning and working together on a deal. Let me know if you want to talk more or perhaps keep me in mind.