Many become wealthy through real estate.

I hope it picks up but be cautious in that area.

In the end, the project was completed successfully and sold for a profit.

Assuming you currently rent right now, and you are buying the single SFR as a primary, the 3-unit should just be designated as investment and you should be able to use the rents to offset the payment (up to basically 'zero-ing' it out, on paper). 

Thanks for the information.

Purchase price: $65,000 Cash invested: $11,000 Our first investment has been a long time coming.

@James Thompson Transferring property from your in-laws to you can be done through a gift, sale, or trust transfer, each with different tax implications.

If so, you open yourself up to a larger pool of candidates.

Already has some electric and plumbing hooked up.  

One month vacancy can eat up all the cash flow.