Risk Assessment: Consider vacancy rates, potential repairs, and unexpected expenses.Once you're comfortable analyzing a few deals, you’ll be in a great spot to pull the trigger on your first property.If you need help with financing or want advice on what options might work for you, feel free to reach out.

No damage except for 1 spot on the kitchen counter.

This will help you spot good deals as you become more familiar with pricing trends and opportunities.

so the idea that you'll make a few calls, or spot a distressed property and sell it, and make a quick assignment fee... it's probably not happening.again, not trying to be discouraging, just realistic.

It doesn't take long to learn how to spot a good deal.6.

As Waco continues to grow, which neighborhoods do you think are on the rise, and what indicators do you use to spot emerging investment areas?

I think you're spot on in there not being an obvious decision.

HVAC duct work insulation is also deteriorated.No vapor barriers installed eitherSome fungi/mold growth notedPlumbingMultiple small leaks under sinks and from bathtub and toilets.House has Polybutylene plastic plumbing which is dangerousMain shut off valve is damagedElecticalSome small exposed wiring and bad splicing.Whole house has no GFCI's or grounding outletsInteriorMoisture spots on ceilingExteriorLose Vinyl SidingDoor Jams and Window trim have moisture damageDriveway need replacementRoofingMinor leaks noted in atticRecommended to replace roof covering, but not whole roofSome fungi growth noted in roofSo some of the question I am trying to tackle with this work is:How much should I budget for the main issues listed? 

You're in a solid spot with your savings—keep going and feel free reach out if you want to dig deeper into any of these routes.

Depending on your financial situation, negative cash flow for a couple of years may make sense (talk with your CPA).The local REIA is a great spot to connect with other investors, there is one at Mazama Brewing every month in Orenco Station.