Hey Account Closed - I highly suggest  using a renovation loan and house hacking a multi-family if that is possible with your current life circumstances.The 203k and homestyle renovation loans are just amazing products and drastically help you reduce your risk, in my opinion, because you are able to leverage the cost of the entire renovation with such a low down payment loan.We work with a lot of clients who use these products in Chicago, and no matter what, in the long term, they gain great equity.If you aren't able to house hack - the process is essentially the same, but just with more money down with hard money or conventional construction loan.

I highly suggest connecting with fellow investors in the area to see who they are using for their properties.

Condo's are usually on the cheaper end of cost for appraisal reports, typically not $750 (but if it's a high end condo or in an area with there's some complexity, the fee can reflect that). 

@Mohamad Guene Investing in mobile homes near a university can be a profitable strategy due to affordability, high demand, and strong cash flow potential.

I am working on these to see if theres is any way to approve them but I am wondering if my minimum requirements are too high for this area or if I should stick with it.

There is a very high demand for S8 properties so filling it with someone is not a problem.  

I HIGHLY suggest you connect with a local expert such as @Josh Green.

Specifically, Texas has some of the highest insurance and property taxes in the nation, but the appreciation makes up for those high costs in the long run.

The main reasin is for a better clearance of liability. with you editing a signed contract, that has a high Probability of letting a tenant be able to void the contract and it actually happening.

Typically, the initial upfront for the rehab is either cash or a high interest loan (hard money or private).