Dscr will be useful in the future for fixer uppers and unique buys. 

You are taking a chance with every tenant and you hope they are not trashing your house and you don't have an eviction.If your condo did not appreciate it over the last 6 (unicorn!!) 

You do this buy buying a quality asset in a good enough location.

What are the usual lending parameters for a person getting there first property with roughly a 700-730 Credit Score and trying to secure a home 200k or under?
 
Is there a way to have No money Down or Low money down? 

If you have some capital, income, and decent credit, buy a 4-5 bedroom house and rent bedrooms. 

It is just as easy to buy a bad deal as a bad syndication.

You could force the seller to bring it up to code before the sale is complete as one of the contingencies of buying it, let them deal with it.

Let the agent know that while you’re interested, the property’s condition and local comps don’t justify the asking price.Taking a warm, conversational approach can make negotiations smoother and improve your chances of getting the deal.

Jerome has 2 programs, Buy Build Flip for $7,500 and Build Wealth Mastermind for $20K. 

Convince yourself that there's a better than average chance that you will lose, and if you can live with the time, energy and money spent if you do.