I recommend considering your cash flow and debt-to-income ratio before making a decision, and consulting with a financial advisor to tailor the choice to your specific needs.Good luck!

It's a win-win.The key is to find out what they want, then find a way to give them what they want while getting what you want.

Is this something I can do without a development background?

I think you should seriously consider your financial goals and strategies.

It can be a very good market, but the why behind your choice may help us give you better advice on how to move forward.Before realtors and property managers, you really need to meet other investors so you are making a good move by trying to do that here, but it would be better if you could do it in person.

For those who’ve used it, what strategies or sources have worked best for you when covering the difference between your loan and the total project cost?

Or should I wait it out a couple of years until I have a larger amount saved up.

Every lender has guidelines; that’s why it’s important to perform due diligence with lenders, just as they do with borrowers. 

While we here on BiggerPockets certainly have financial goals in mind, local populations all over the world have an opposite and opposing one. 

Quote from @Johnny Lynum: Quote from @Billy Smith: I like SFH in the A-B area rent it you do the  upkeep  doing as much as possible your self to help max your rent out .I like to pay down the note as fast as possible .If in a C-D area I would flip the SFH wash your hands of it.SFH are generally easier to unload if you get in a cash crunch, I like staying in the first time home buyers level of a SFH  keeping it in a hot zone .If I were a BIG fish I would do deals at various level's of course after  doing the home work .