Aside from downpayment, you want to have a solid emergency fund in place, something that can cover unexpected repairs, vacancies, or any other random costs that pop up.I’d also recommend saving more than you think you'll need and keeping a close eye on your expenses.

This can be very expensive and is usually the worst choice because you can't justify the cost.2.

I would also send the insurance company this same letter and tell them they are going to be responsible for the cleaning and repair cost.

Many investors in your situation also explore seller financing or subject-to deals to minimize upfront costs, especially if they find a seller open to creative terms. 

Second year distributions rise to 5.27%, third year 7.27%, according to the projections.Those projections may be at risk, for many reasons: the recent huge increase in interest rates -- increasing the cost of loans and decreasing valuations, insurance costs have skyrocketed, real estate taxes are up, labor and material costs for repairs & renovations have increased, etc.On the plus side, the majority of the ODC funds were designed to be high value add projects with plans to increase operating efficiencies, add tenants and raise rents.  

In fact, I would want to go even lower because there's a very good chance some damage is hidden and costs will run higher than anticipated.If you aren't experienced, I recommend you just buy the good apple. 

It costs roughly $100/mo but is well worth the expense.  

That's pretty low for a 3-BR - I'm seeing the FMR for a 3BR in that zip code is $1,850.But at $1,300 for rent, you'll probably find HMLs that may lend you around $120k if you have a good credit score in my opinion, which means you'll need $45k + closing costs.

They are even working on getting me the evicted tenant's security deposit, the missing JANUARY rent since the place is still empty, and covering the cost of my own manager re-listing the property.

i would love to buy a 3-4 unit that could both reduce my cost of living and cash flow. move out and redo the process a few times every year.