Quote from @Tove Fox: I live in California and am interested in purchasing my first investment property in an A or B neighborhood in one of the above states, ideally under $300k.

You'd be surprised to learn that someone living in a rental or apartment, that has a family and is a successful small businessman, has the money and is willing to take that deal.

My airbnb posting just went live yesterday. 

This year I received a bill from the PM with the following line items and costs: - Bathroom 1 : Shower/Tub Caulking | Re-caulk tub- Bathroom 1 : Toilet bolt caps | Missing bolt cap- Bathroom 1 : Window Covering | Missing miniblinds- Bedroom 1: closest to the front door : Door/Knob/Lock | Door know needs tightenedNeeds deadbolt installed- Bedroom 1: closest to the front door : Window Covering | Broken miniblinds needs repaced- Kitchen 1 : Wall/Ceiling | Pull nails and spackle- Living Room 1 : Wall/Ceiling | Nail and holes in paneling- Living Room 1 : Window Covering | Miniblinds need repairedLine ItemsDescription AmountMacomb Glass Invoice $40.99Sherwin Williams Invoice $40.60Walmart Invoice $62.37Total $2,271.271 of 2Ace Hardware Invoice $82.93Ace Hardware Invoice $28.33Ace Hardware Invoice $42.50Macomb Glass Invoice $188.58Walmart Invoice $135.30Ace Hardware Invoice $65.19Ace Hardware Invoice $9.78Shop Supplies $3.00Labour hours 24.18 @$65 rate $1,571.70Total $2,271.27This is a very small, one bedroom apartment in a fourplex. 

.: I live near Nice France half the year.

I live in New Jersey area.

I could see a requirement, perhaps under the Patriot Act, that requires all landlords to get a SSN/TIN from everyone living in a unit and report that (or lack of) to the federal government.

If you're a single mom with student loans, a car payment, and living paycheck-to-paycheck, then $20,000 would be devastating and a reserve is critical.

if you buy it yourself and turn it into a live in flip and absolutely crush it, great! 

Better sell everything and live in an underground bunker.