Your homeowner policy may cover minor repair work but probably not a large construction project. 

You'll still have plenty of money to do a duplex/quadplex and give you breathing room (what would you do if you needed a large repair on the rental?).

Once you’ve got a little experience under your belt then you can attempt buildings that need more renovations/repairs or have had management issues.

I will also need to do 15k+ in repairs. 

Our team even includes a realtor who can assist with your investment journey.Feel free to send me a DM if you’d like to connect!

My recommendation is to save money through your W2 until you not only have enough for a down payment but a reserve for repairs as well.

Here are additional comments:1) Buying out of state removes any local knowledge you have from assisting in your success, including knowing areas, people and costs. - We always recommend buying your first rental locally if possible and DIY managing to learn as much as possible before investing OOS.2) Lots of crooks and incompetents in the PMC world:( They both cost you money.- As already stated, you'll have a small portfolio.

And if it had flooded it would be more than $5,000 for the repairs.

We are here to assist. 

VA Cash Out refi's must demonstrate a Net Tangible Benefit to the veteran, strictly defined by VA, to do one of the following: eliminate PMI, reduce the rate, reduce the term, reduce the payment, increase residual income, renovate or repair your primary residence, convert from ARM to fixed rate, or stay below 90% LTV.