I would say that the value he brings is finding the deals, doing an initial diligence, having a local team set up for renovations/repairs/property management as well as knowledge of the neighborhood.

Personally I'm working on a very exciting niche, but will take some time to pull together; and I'll give you more details as it moves ahead. 

Aside from downpayment, you want to have a solid emergency fund in place, something that can cover unexpected repairs, vacancies, or any other random costs that pop up.I’d also recommend saving more than you think you'll need and keeping a close eye on your expenses.

The difference between the cost for a specific repair / renovation if you have a crew or need to find someone on a first time basis can be significant. 

@Chris Seveney I'm concerned about having $$$ for repairs when needed.

Full speed ahead!

But to be fair, I have spent a great amount of time very recently trying to help another professional 20 years in experience ahead of me bail out of a mistake I NEVER would have made.

My duplex - built 1989, 2,060 sf, 2 bed/bath, 1 year old roof, value if I subdivide (county already approved) and sell each separately $150k each ($300k total)Investor duplex - built 1995, 2,300 sf, 2 bed/bath, 5 year old roof, value around $310kThe investors initial request was for an equal trade and they would pay realtor fees, which I replied wouldn't be equal due to buying/selling costs (recording fees, title insurance, closing fee, survey, inspections, loan fees, 1031 fees, accountant fees, repairs), taxes would increase due to new sale price, I'd trade a 3.75% mortgage for a higher one, and I'm on the 10th year of a 30 year loan so resetting that to a new loan would restart amortization and pay more towards interest.

Lesson learned, check your numbers more thoroughly ahead of time and actually do your research.

I’ll also amortize large items like roof over 20 yrs, and then add $100/mo/unit for general repairs.