Now of course the 80% have to be higher then the purchase + reno to make this whole thing work, but when you do that, then all that is left is getting a renter.

I am of the same mind.. took longer to get there being west coast prices but we are rounding the corner.. what we have left is very low LTV and payments are less than rent.. being dual homes one paid for one almost.   

This should cover your PITI (Principle, Interest, Taxes, Insurance) plus some to save for repairs and maintenance.Once you are able to buy a house, because you won’t have much reserves at all left, I think that a home warranty is a must.

Of course like your nephew I ended up leaving as my priorities shifted but when I left I would like to say there were hundreds of young people behind me who wanted to take my place.

I guess I am here because I grew up here, went to college and grad school, found a job and never really left.  I

As time came and left, I learned that cash flow (At least for me) is what I am looking for. 

I had a similar situation a while ago where someone gave me a 3 day notice and left. I

If two move out, same thing, the one left is still responsible for the full amount.

It took about 10 months from purchase to have a fully occupied building, and they have never left. I

However, the only excuse they have left is laziness.Depending on your location, SRO may need special zoning.