I know it's challenging in this market but I don't want to go out of state as a newbie.

However the property is in a location where there is not a lot of buyers and population is less than 500 for that neighbourhood, is there an approach of doing such deals or I should just walk away?

The challenge for me is the down payment of 101k as I have only 20k to throw at this.

My biggest challenge right now is lack of liquid assets.One thing I'm very interested in hearing about from others is:-what was your investment strategy for rentals?

You will at some point be forced to at the least snake it which can be challenging sometimes or at worst replace it.If it is a flip I wouldn't be as concerned and just replace from risers up or whatever currently needs to be done.

It started with a $6,000 mistake...Late Saturday, enjoying one of my much needed nights out, I received a text from one of my tenants stating that the A/C unit was just blown out..I wasn't concerned except that it was a 2am text & call and that the next day was Sunday (weekend service repair calls are always more expensive).As summer approaches, I knew that this was a situation that needed my immediate attention...I immediately had one of my managers collect some quotes for a new unit and labor (never use Yelp!

The second something bad happens in life or challenging and people want to check out or say look what happened to me that is when people give themselves permission to fail.Life is tough,very tough but we all need to keep moving forward.When I was 16 years old I lost my dad to a car wreck suddenly, my best friends dad to cancer, and my grandmother all in the same year.

@Jonny MorrisThis is how I approach BRRRR properties.Quick analysis:  Property must meet the 1% rule (rent to asking  price ratio)

The engineers' opinion initially should speak to the severity of the issue.I'd break down an engineering engagement into 2 parts:First would be an initial visit and rendering an opinion on the severity and possible approaches in design to remedy.2nd would be the actual design and cost opinion(s) to remedy.If you're pretty serious about the house, I think if you pay the $250-500 that I think you'd likely need to do the first, that would be a GREAT investment more than likely from what you're describing. 

When we were looking 2 years ago, buying was an option, but the market is too hot right now for us to afford.It's a challenge locating a promising place while not local to the property, and that's why I'm turning to a trusted resource - BiggerPockets!