Lower insurance payment = more cashflow! 

So imagine if your mortgage payment was 1/2 how much more confident you’d be.

There is very low inventory, and it is super competitive despite the higher interest rates and payments. 

I am buying my neighbor house in California under a new land trust name which owned by my LLC.

I would add, make sure you have good landlord resources as you enter into the landlord domain-lease agreement fitting your situation-resources for your tenant application process -needed landlord forms and notices-education resources-management tools (e.g. software to keep all records, pictures, payment history, etc.)Best wishes.

As a newbie, if you do get into an appreciation play, you can look a little bit more short-term down the road and recognize that you can likely refinance your property once interest rates drop and actually see some cash-flow once you reach a lower payment.  

DSCR Loans are typically great for STR purchases - however, DSCR Lenders are going to require at least some "skin in the game" - so won't be able to have a 2nd lien for the down payment. 

Quote from @Richard Hoyte: What is a good and or acceptable amount of money to have saved up before buying your first rental property I'm aware this can vary depending on the state/area but is there a rule of thumbThank you ahead of time  Hello Richard, Your down payment amount will have a lot to do with this.If you are going with the minimum downpayment of 3 - 3.5% , you'll want to have at least a total of 10% of the purchase price (to also account for closing costs) + 6 months in reserves.

My specialty and focus is on buying sub to and you have to bring ALL your own docs, trusts, POAs, disclosures, how to add proper adendums to the purchase contract etc. 

If the buyer's strategy is to hold long term, and they are getting favorable interest or payment terms, and the value supports, offering more than ask isn't necessarily a bad thing for them.