There is still a risk: You do not have the right outprice and lose money, your deal goes south due to unfound things when you bought it, then the rehab phase brings them up, and you spend more, and the market changes, which is something that can happen on a moment's notice.

I'd recommend having enough to close on the deal + rehab + $5k in reserve as a minimum. 

Just a heads up, there is really no turn-key in real estate.

In Metro Detroit, and I'd think in most Midwest cities, investors really have two options:1) Buy Class B and either put more down to cashflow at closing or deal with 1-3 years of negative cashflow until rents increase.

For example, my client just closed a 3/2 single family house for $160k that was already rented at $1900/month and near turnkey and in a super desirable residential area.

I'm noticing there are some really nice cash flow markets in texas, some of which are really close to the Mexican border, though.

They'll all be pretty close

I can put up with a 1-hour work commute or a little more if it means having a house in a decently safe area.Other Info:Credit Score: 700s (due to student loan payments)Monthly Income: $4600Work Location: I commute to Northern Virginia and D.CGuys, I could really use your help or recommendations on what you would do if you were in my situation:Location: I'm thinking somewhere in PG County MD due to my commute, like Hyattsville MD.

You cannot close an RE purchase or sale without using an RE attorney.

My husband is a contractor which gives us a leg up in flipping, but we are also curious about diversifying and buying rentals.