There are some great suggestions here on down payment, interest rate, servicing, and underwriting the borrower.  

Great markets that fit your budget

Those are great places for meeting people who hopefully at some point will know, love, and trust you and will refer you business. 

Phoenix contains a rare combination of elements that have created an outstanding market for distressed property investments, including the following:Cost Savings: Distressed properties are sold below their market value and enable investors to take hold of properties at a trifle compared to traditionally listed properties.Strong Market Fundamentals: Being among the fastest-growing cities in the country, Phoenix ensures a high demand in housing and rentals, hence good potential for resale or income from rentals.Value Creation Opportunities: Most distressed properties need renovations; thus, such situations present opportunities for investors to increase equity by adding value.Population and Economic Growth: Phoenix remains among those cities in the country which are attracting more and more residents and business; therefore, this presents good, long-term appreciation possibilities of property appreciation and income creation.Challenges to ConsiderWhile the rewards can be great, distressed property investment is not without its challenges.

Waynesville, a great neighboring town just outside Buncombe that's been pretty great for STR, is starting to talk of a similar ban.

This is also very good example of jurisdictions that have zoning and annexations that need voter approval its a great way to STOP development. 

Bigger Pockets is a great place to find a tax accountant specializing in real estate taxation.

The Real Estate Guys do a great newsletter with lots of high-level information about the economy and how it impacts real estate.  

Great learning experience.Good Investing... 

Great tools that get updated regularly.I am on the lending side of things and would be happy to hop on a call with you anytime to discuss financial strategies and help answer any questions you may have about nearly any loan product available to help you on your journey, even if they are not products my capital partners offer.We are all here to help you learn and grow.