even 20k for a small purely rental SFH or condo should be easy for most people saving vigorously for 2 years.

If you've done it well/done it right, the time commitment is probably 1/10 of the time commitment of a typical W2, but the idea that 99% of people are going to have a totally passive portfolio that runs itself while they drink Appletinis on the beach is pure fantasy.

If you are looking at this as purely an investment that you want to live in for a year and then grab something else, you need to make sure then numbers work.  

You can have an attorney, but I've seen some appear Pro se.What may differ by state is the plaintiff's ability to collect more than just damages and more than purely money.

Pure rental property LLCs are best treated as partnerships. 

Hate to echo all the wise responses above, but it does sound like you're setting yourself up to be a potential distressed foreclosure statistic the next time prices start dropping or your good neighbourhood goes bad (and thinking it can't happen is not being optimistic, it's pure gambling).Keep renting until you can afford better, or even keep renting period, and invest in real investments, as opposed to the home you want to be living in - you can rent that home easily enough, with no big dramas occurring if you're suddenly stressed for cash for whatever reason, and have to downscale - you simply move to a smaller place in that case.The criteria for the home you want to live in and the good investment you want to purchase are completely different - often contradictory.

Originally offered $315k which would have made it pure cash flow with then present rents a small amount.

But a pure debt scenario is easiest. 

If you want pure cashflow multi units are the way to go.

Now, in terms of pure investment properties, aside from the larger (4+ units) generally having more potential to produce well than their smaller siblings, I believe that finding deals in ways other than MLS are extremely necessary.