There is allot you are not saying here and maybe that is because there is just that much you do not know and $200K is allot of money to be doing something where you just do not know everything you do need to know to properly evaluate your deal. 

Hi...my name is Justin  I am a single father and a  aspiring real estate investor from the New Orleans,LA area ..I have been doing allot of reading on creative real estate investment strategies such as lease options,subject to deals and owner financing (not sure how these apply here in Louisiana) ..I hired a VA who has began to generate some very promising leads for me...I am hoping to do my first deal this month but am having a little trouble making that first step. 

@John JacobsDid your contract not have a contingency/due diligence clause or did you already pass the time alloted?

All flexible though, if the property has some serious negatives that might make it hard to rent then you should allot more for vacancy, if it's fully rented with good solid long term tenants in a good area then 5% is probably fine. 

Get allot of referances.  

@Cody StoneI ended up going with Call Rail but I am going way over their monthly allotted minutes (that is a good thing because the phones are ringing).  

We (my partner and I) have alot of money saved and a steady job with a great income, but am finding allot of trouble finding financing.

There is allot you have to think about beyond simply getting the money to buy this property. 

Saving more money will bring you to financial security allot faster. 

Can usually allot 5-10% vacancy factor and same for maintenance.9) Class B usually also okay, but needs more attention from owner and/or PMC.