. $300k loan needs to show $15k liquid assets, and draws typically require you to pay contractors and obtain a lien release before you can be reimbursed for the money you paid contractor.While I know there are a lot of people who use low money down loans to get started, it is risky.  

@Saul Clavijo make sure you understand you will be getting into Class C properties at those numbers.Food for though below, DM us to chat more about Detroit:--------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Long term rentals typically require much less work than a fix and flip.

You typically get the monthly payments but also backed by portfolio and not one note.

A lot of investors are flocking to Memphis for its solid cash flow potential, and you can typically see strong returns (8%+ cash-on-cash) here, which is a huge draw.The job market is another factor.

New listing typically get artificially pushed to the top for a short period of time.

They are inexpensive, they usually come with mineral rights (big plus in Texas), they typically have short redemption periods, low rehab costs, and sell quickly at the right price; they also have large ROI. 

3) Dealing with Contractors: guess you found it's not as easy as the "gurus" make it out to be. 4) S8 slightly above.guarateed Rents: typical naive mistake.

However, we typically use the FHA-203k loan because it involves a renovation, which I highly recommend if you are looking to really boost your equity and have the cost of the renovation wrapped into your loan with a VERY LOW AMOUNT OUT OF POCKET.I like the FHA loan, but honestly, the Fannie May Home Style is an even better product at this point because you just have to bring a bit more cash to the table 5% vs. 3.5% (w/ FHA), but you have a bit more flexibility.  

Egress: Two methods of egress, typically a door and a window.Ceiling height: At least half of the room should have a ceiling height of 7 feet.