But as a first-time investor, I am trying to see if I can workout things in my current market as a primary residence to start with less capital.

Then, if things work out, you can get a second property and repeat.The important thing is to get started.

The math wouldn’t work out the way you think it would.

*Hint* Bring a business card!

Well when most people talk about adverse possession I'm not sure it would always work out. 

Try reaching out to some of the more experienced wholesalers in your area and offer to go door knock or cold call a list they have and work out a split with them until you can build up some working capital.

For an inexperienced investor rehabbing a home for the first time has many risks associated with it, and often does not work out as anticipated. 

Thanks for your response,Joe.Am asking from the perspective of a buyer.Am looking at some rental properties to buy and there's not much cash flow available as I work out the numbers.So am wondering what other characteristics you would look for if there's not much cash flow.Thanks

If it doesn’t work out, you’ll learn something about the process. 

If you can't get closed to that 1%, no need troubling yourself on figure out what the trash bill will be -- it aint going to work out.