That said, if you have $50k and want to invest out of state, that puts your realistic budget at $150-175k...maybe even a bit less after you factor in closing costs, make ready expenses, and reserves.

I contacted Buildium and they confirmed they do not offer credit card tracking, but offered a workaround which was to set up a credit card as a bank account, and when there is a balance it's just always negative in the bank account, and this would allow you to track individual purchases like it was a checking account.  

Over time, I’ve accumulated more cash reserves and don’t need as much flexibility, but I’m actually in the middle of a refinance right now using an interest-only mortgage—because the pricing with the lender and the corresponding ARM is more favorable than a comparable principal-and-interest loan.The key with these alternative or "exotic" mortgage types is that you need to be financially savvy and have a solid plan.

Understand Auction Rules:Auctions typically require fast closings, often within 7-14 days, so confirm your financing aligns with this timeline.

@David F.As Russell mentioned co-ops are probably 1/2 the price of a condo and you would also have extensive costs to set up a co-op and typically it’s my understanding the builder funds the first 1-2 years of reserves.

This is what I put together, and I think I'll wait to make sure rent on time in February before sending it via email and delivery confirmation mail. 

>>For purposes of taxes, consult with a CPA to confirm this would work for your situation, but you could have the LLC be treated as a "disregarded entity" and thus, even if you and your wife are members, any profits/losses would "disregard" the LLC and go directly on your personal returns. 

I'll also want to have more reserves available the more properties I have.Am I oversimplifying or missing something? 

For instance, if he paid $40,000 to buy a house and sold it for $80,000 with $10,000 down, he could keep $10,000 in reserve  and tap into it to hire attorney, file eviction case , remove defaulting buyer/tenant and continue paying off investor loan (if he used PML to buy that house) while looking for the next buyer to sell it.

Prioritize quality locations.Keep healthy amount of reserves per property, hire a PM, and hire a tax friendly CPA(not planning just prep).