Hope you don't put down large earnest money deposits... these guys will make sure you lose them! 

If you find you are unable to raise the money for an all-cash purchase, switching gears to Fannie will only work if you have a LONG time to close in your PSA or have many extension options (which usually require more hard earnest money.)

The short version: save money while educating yourself on how to invest in real estate wisely, buy an investment property, learn how to manage it well while educating yourself on how to manage it better, save money . . . rinse and repeat.You don't mention where you are (education, income, experience, etc.) or where you want to go, so I can't tell you how to get there.

I like the cash flow on them, if you rehab them right the first time it won't be a money pit. 

Tenants save money when using a shared meter, so there's plenty of room for error when calculating how to distribute the charges.

Does it make money?

Some people are able to save money and budget and others are not really good at it.

I start by telling them we have a lot of money tied up in the property, and we've been burned by folks that wanted us to believe the best of them.

Quote from @Enrique Toledo: I came across a really good seller financing deal and I would like to purchase it as my first deal but I don’t have enough money for the down payment.can I use a lender of some sort to give me money for the down payment?

Would it make more sense to move the money we make from selling to a different property that could potentially increase our cash flow?