You can get away with putting 3.5% down and still possibly cash flow.  

Property managers typically charge between 8-10% of your gross rent, so if your property rents for $500 a month (low, just a nice round number) and your PM charges 10%, you will pay them $600 a year, which really isn't much for the service they provide.

If you're in an hot market (i.e. easy to rent), you can get away with holding less liquidity or vice-versa.

All the deals that we do are on terms so know that in advance of reading this :-)I'd give him a few options, either lease purchase $32,251, 3 year term (want to always give a well thought out # as opposed to round #'s) and an owner financing offer of $39,577 (or however high you want to go). 

Some places you can get away with 2% of purchase price all in for closing costs, other places such as where you have a large amount for transfer fees, you could go as high as 10%.  

My next goal is to put 25-30% down on a 200kish condo in order for it to cash flow as I live in an area with high ticket prices.

Here are basic stats on single-family home sales for May 2018 for the City of Austin and the greater Austin area:According to the Department of Housing and Urban Development (HUD), the median family in the Austin-Round Rock MSA will make around $86,000 in 2018.

Bigger Pockets is your golden ticket to great success.

However, as to whether you need an LLC right now on a single property it's really up to you but, probably not, you could probably get away with strong insurance.

You can get away with a lower down payment, easy to analyze and some renters prefer only SFs.