Discussion in the lower $600's.I've managed to convince her to get into real estate.

For amount, it would likely be in the $500-700k range.My expectations are to have a negative cash flow while living there, and possibly a slight negative cash flow after moving out (until interest rates lower or rents increase).

.- get into real estate with a lower rate and lesser percentage down payment.

These are full-time government employees and at a lower risk of trashing your place than the general populace.

Could do I a lot less to get lower rents (for example an upgrade may be $10-$15k where a bare minimum repairs and cleaning may only be $1-2k).

Hello BP Community,As is very common I have friends who purchase their rental houses under their own name in order to get lower interest rate loans with better terms and also cheaper landlord insurance, and then they transfer the title into their LLC after closing. 

Also that will give me a lower payment which will allow me to have bigger profit from rent.

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

NOTE: A lower OER indicates a more profitable property as a larger portion of the income is retained after covering operating costs.Hope that helps!

Just because Zillow estimates a lower value, doesn't mean people will offer lower than the list price.Also, be careful about the laws with the association and renters.