Imagine you put down 3% on a $400k property. $12k.

I'm from Baltimore as well and looking to acquire my first property.

Even a single-family home with a legal additional living unit could work if you can find the right property.Because you want a property that needs work, I would be careful not to take on something that is too distressed.

Hey Robin, I own three properties in Costa Rica.

There are several things that come into play with determining if a property sale is capital gains or ordinary income. 

Just want to mention that sometimes it works out better to raze an existing property down to like 2 studs and rebuild around it so that it still is classified as a remodel versus a complete new build. 

@David R Pustelnik yikes on the actual cashflow!

I realized that there are very few lenders willing to lend on a property under $100K. 

what were some things that drew you to these specific properties?

This slows down your acquisition of new property, but isn't as stressful when interest rates go up or if you have vacancy.