I was initially taught  rental pricing per month/1% minus repairs minus assignment fee=MAO.

I am not sure how to make the initial purchase...If I use a private loan? 

When it comes to a dispute of any kind, payment processors are required to refund the money to the tenant immediately after this is initiated.

Cashflow in the initial years is not important but breaking even would be great. 

HELOC:Pros:Flexible borrowing - borrow as needed giving you flexibilityLower initial costsVariable interest rates - can be a con if rates rise, it can also be beneficial if rates decreaseCons:Variable interest rates - rate can fluctuateMore risk of foreclosure - you're adding a second loan

Consider a small HELOC for initial costs if you can secure a good rate.Owner-Occupied Strategy: Look for a duplex, triplex, or fourplex with one unit big enough for your family.

You should be looking into a hard money loan for the initial purchase & a 30Y DSCR loan for the refi.

If I did so, that would leave me with a total of about $290,000 in cash that I can use to purchase a property.My initial thought is to put at least 20% down on a property.

Thanks to all of you for your insight, I herd about this initially from The Lee Arnold System of Real Estate Investing, Is anyone familiar with him and what he teaches?

@Lucas Carl, When you talk about your cabin with a purchase price of $500k, I'm assuming a 25% down payment + any costs to furnish/fix/renovate as the initial cash outlay (for example $150k total).