My mortgage pre-approval is $350k.

Outside of real estate, I enjoy my kids, travel, exercise, wellness and I am also a former Financial Planner turned Mortgage Lender. 

You can get cheaper properties closer to the center of Atlanta, but they'll require a more extensive rehab. 

Use less of that and either get the seller to buy down your interest rate or you can do it and have a comfortable mortgage payment and still plenty left for your emergency fund.

First get a job.Save enough for 3.5% down for FHA mortgage and buy a 2-4 family property.You can live in one unit and rent out the rest.

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

One approach could be looking into house hacking, where you buy a property, live in one unit, and rent out the others to cover your mortgage.

Lastly, plopping down 5% points for a marginal savings on a monthly payment might not be the most effective use of those funds, maybe being able to buy the next a bit quicker would generate a higher return for the cash.and no, I do not believe we will see rates below 5%, and the fed has never had any control over mortgage rates with the fed funds rate as that is the shortest possible rate overnight borrowing between banks.

It is handled more like a traditional mortgage at closing through title.

It’s looking like this will cash flow neg just with est mortgage payments plus insurance and taxes of $1100ish (after renovation), property management of $120.