Hi Ismael,It's great that you are thinking ahead and properly managing risk.

If you’re spending less than 7.5% of rent of repairs you’re actually ahead of 8% and no repair add on. (13% of 7.5% is less than 1% your saving.)

Just a heads up that I've never had luck getting an owner financing deal accepted through a realtor, as most agents don't understand seller financing.

You could have a property purchased and renovated by then or even a small condo/townhome to get a head start providing the HOA was reasonable.

Partner that with things learned on here, and you will be WAY ahead of the game. =)

.- If you are investing passively in a syndication with bonus depreciation, make sure to vet the sponsor and understand the investment vehicle before you invest.

as we certainly could use it as Females forging ahead in this Exciting predominantly male dominated field...

When the lender takes a hit you WIN.You can also go to the court house to find which houses are in foreclosures - this gives you early information even before the auction company gets the go ahead to sell at public auction. 

The basic steps would be: 1) Buy Land- (up front cost) make sure you can build what you want ahead of time by talking with an experienced engineer/architect familiar with local codes and regulations.

I do believe that if you pick the right conservative syndications, it's an easy way to diversify, maintain a low risk profile and come out slightly ahead of the market over time.