I've also read there are options where you agree to pay the first $7000 of repairs and the seller cover the rest.

Make sure you have funds set aside for an emergency, if you have personal debt, try to eliminate as much as possible, understand what your personal balance sheet looks like in regards to monthly cash flow and net worth.Investing in real estate is investing in a business, and you need to have a good understanding of your financial picture before you begin to buy a business.I would then focus on what niche you want to start with.  

Yes, there are things insurance won't cover, but there is ALWAYS risks with investing.Here's some copy & paste advice you may find interesting, hope it helps!

Rent out both units to cover the mortgage while we subdivided the land and built properties to sell on the back half of the land.Option #2: 1 year - Same as option 1, however, instead of building more units, sell off the lots to builders.

If your purchase price (always the largest expense) plus the rehab estimate (the second largest) total no more than 70% of the ARV, the remaining 30% must cover your HML charges, agent commission, property and hazard insurance, property taxes, title insurance, escrow, staging, all else, and your profit.

Walls free of holes larger than a #16 picture hanging nail.

Take a Car dealership  on the wall is the picture of the top sales folks everyone working there gets the same opportunities ..

So for these locations, leasing to a car lot is a “tax payer”; no cash flow just enough rent to cover the insurance and property taxes and perhaps a moderate loan service.  

Otherwise, you won't have the extra funds necessary to cover the rising costs of goods and services in the future.What causes rents (and prices) to increase?

Just shoot me a message with your email and I will send over a picture of their business card.