This gem of a book will help you understand the principals of wealth creation.Once you have read that book then read some others such as, "Rich Dad Poor Dad" and "The Cashflow Quadrant" both by Robert Kiyosaki.

Really affordable properties and if you do your research you can find absolute gems there.

@Patricia Gemming 203k is a FHA rehab loan, where you borrow money to buy a property that needs some work and also borrow money to get the work done by licensed contractors.

My contractor is extremely nervous that this may cause a ton of hidden cost.

And unless you really know how to evaluate deals and understand the hidden "soft" costs of rehabbing it may not be as good a deal as you think. 

I've seen many buyers 'win' a property only to find out that the bank's real reserve which was hidden in the terms was higher than their winning bid.

The gems are when taxes are mailed to a different address.

But I don't see any major concerns with regards to the cash flow numbers you posted, unless there are hidden expenses (insurance, capex, deferred maintenance, management fees, etc).There is always a risk when inheriting multiple tenants. 

I would keep that card hidden and only use it IF necessary.

I was hoping to get some advice from the experience veterans on here about tips on buying a first home, things to look out for, some hidden costs or expenses that I wont see until its too late, anything along those lines!