Just started working my first W-2 job out of college and looking to start investing ASAP.

This likely means living in Louisville proper, depending on the job's location.

A conventional income applicant, so to speak, could lose their job and pay you nothing. 

1) If you continue waiting for the "right time ”, you’ll always be waiting.2) Your current job doesn't care about you.

In these cases, maintenance and capex come out of the investor's pocket funded by their day jobs.

To make the job flow easier, but also (mainly) to protect myself if a customer changed their mind later ( which was common).

I think people who dream of never working are blinded by working the wrong job or a job they hate.

Create a realistic pro forma profit and loss statement to determine if this business has the potential to pay any more than you could make working a “no risk” job. 6.

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.

We fee like a conservative approach will let us go through the growing pains of better understanding real estate investing without the worry of being over leveraged to add to the stress while we are both still employed full time in our careers and do not plan on quitting our jobs to go fully into real estate.