Super excited to see a young man like yourself pursuing skills to achieve financial goals and freedom and not relying on a paycheck from others.  

My biggest fear is relying on a reliable property management company.  

Love B/C to have downside protection, but w/value add approach picked up at relatively good values the ball is in the sponsor's court per say and not relying on the market forces as much.

This is to ensure that any subsequent investment decision is made dispassionately and without any biases regarding your impression of the property.I would hire a qualified appraiser to assess the condition of the property and rely on financial due diligence and investment analysis when making my decision.All the best!

You can also translate mortgages into a bulk commercial loan at some point in time. 

Their actual material cost are 20%, this is also a straight install, if you have too many corners, flight of stairs, use glue, tacks strips, floor preparation of any degree, etc, they are always extra; they rely on those factors to regain their money too.

It looks like you're already in Birmingham, so a quick drive around the neighborhood shouldn't be an issue and can save you a lot of headache in the end.If the Calera property adds up without relying on appreciation, and you have already done due diligence on what the rehab consisted of, who's selling it and what their performance metrics are like (tenant turnover, maintenance rate, occupancy etc) then that is the best of your two current options.

Won't rely on anything verbal again.I don't want to start with a large complex but rather a smaller one first.

This translates to a down payment between $8,750-10,000.

Also, I like to have a full understanding of every market that I invest in and be involved in the acquisition process, it would be tough to be heavily involved buying far away and I'd have to fully rely/trust the person I'm working with.