Just focus on running the numbers carefully to ensure the property cash flows or at least covers expenses, and don’t hesitate to lean on resources here for advice.If you’re financing, look into FHA loans, as they’re great for first-time buyers purchasing up to 4-unit properties with low down payments.

Every HOA is different, but they significantly affect your cash flow. 

I was looking to put 80k cash into then refi afterwards and possibly getting 130k. 130k on mortgage would be close to $800 only leaving $200 in cash flow each month. 

A cash-flowing, large lot, alley loaded duplex that needed a new roof, painted and new floors.

But, it is not some holy grail of great deals that will overflow your pipeline of possible purchases.So, if you are needing a deeper pipeline of deal flow, yes, auctions can be another place to look for deals.  

Many people in consideration of #2, take steps to protect the assets so that Medicaid cannot take those assets like a home.

Then you 2 would agree on how you would split the profits once the property is generating cash flow and the original equity is returned.

That being said, your typical cost of capital is as follows:EquityAgency debtBalance Sheet local lenderDebt FundPrivate DebtPref EquityHard Money DebtBookie/Loan SharkOther things that will impact capital sources: are you wanting to finance the improvements, or will you pay for those from equity/cash flow?  

Ohio & Michigan were recently highlighted in the rust belt as good values that cash flow. 

Germantown has better cash flow potential but may require more hands-on management.