Reserves are key as  @Theresa Harris has pointed out.   

I don’t mind having skin in the game either, but I know using private money is key to scaling one day and would like to get some experience with it now, even if it doesn’t fund a majority of the deal. 

Timing is key—catch a hot market or a great 1031 exchange opportunity.

Is in there, but a great thing you can do now is get your "core 4" figured out - agent/lender/manager/contractor - obviously you can adjust this and do one of the pieces yourself (self-manage for example) or don't need a contractor if you do only turnkey etc but getting this nailed down early is key

I can say from having taught classes on these loans that your contractor will be the biggest key to your success.

Do you want to purchase "turn-key" properties or "fixer uppers"?

And what is your price point and are you looking for turn-key properties or something along the lines of a "fixer upper"? 

While cash flow may be harder to achieve here, these markets often shine in their ability to withstand market downturns and provide solid appreciation over time.The key in markets like this is understanding your goals.

—will be key to success!!

It seems you would be using it as a 20% down payment on a turn key ish property.