In addition, your pool of lenders will be smaller as many banks won't want to deal with lower stock office.I would narrow down your question in order to facilitate useful replies.

Save it up for the first year and add it to the $2k in case you need to evict.You need to get at least 2 years though, preferably 3-5.

PLEASE use the DORA forms: https://www.colorado.gov/pacific/dora/division-rea...You'll need to add language into additional provisions.

Disclosure: I'm off to a super beginner start so I may have screwed up or don't have enough information so I hope I can get some advice.The property is a condo.Purchase/ Asking Price is $100,000 (This is not negotiated yet)1 Unit - 1 Tenant - Currently paying $1000 Per Month2 Bed1 BathBasement with Washer/Dryer.The Owner is Out of State.In addition I am trying to find out the Market Cap Rate in the area.

Hope that all makes sense.The numbers for the property are taken directly from the Offering Memorandum look like this: Asking Price $ 2,900,000 Rental Income for 2017 $ 355,089 Additional Income $ 8,266 Gross Expenses $ 145,034 NOI $ 218,321 Cap Rate listed 7.53%Now one of the confusing aspects of this document is based on Potential Rental Income.

and the GC agreed not to charge me for the additional painting as it was a mistake and outside the agreed upon SOW.Working with this particular GC remotely was very difficult.

Good DTI; significant student loans, but payments on the loans are only around $200 on income-based repayment.Have around $35k cash available and can take a loan from my defined-benefit pension for an additional $4,300. 

In addition, the contracts that they signed are one pagers and don't give any protections to the landlord. 

I am looking to get out of the rat race, and possibly begin a new career path by making an additional side income, while partially investing my current savings into real estate.

I also see that there is an empty outside access room in the rear that I was told can have washers and dryers installed for additional income.