The law allows you to put all the deposits in one account.

The day after you close, it will appraise for the sales price. 

I'm planning to put in my first offer on my first rental on a SFH in Kansas City in the next day or two.$140k offer8% interest rate20% down8% management fee5% vacancy5% maintenance 5% cap exI haven't gotten insurance costs yet but it's been suggested that I plan for $2k per year. 

I work with a ton of new investors as a realtor the #1 way to get started is just find a 2-4 unit in decent shape and buy it low down with conventional financing 5-10% then you can live in it for a year and do another next year.

The cash flow now is good enough for me to retire.  

You now have possession of the apartment. 

And you have taken the extra 150 hours required for the broker's license? 

Since you estimate a resale value of $200-215K and renovation costs of $60-70K (although you said that's on the higher end), your margin is tight, especially considering closing costs, realtor fees, and unexpected expenses.

You are preaching to the choir @Ben Fernandez! 

Until the lease ends and then the legal notice time in your market has passed.