Even at 175k with 10% vacancy @ 2200 a month you are break even with a management company and positive cashflow of $275 per month if you manage yourself.  

If not, then move to step 4.Step 4: After stabilizing the cashflow/property, prepare your personal financial position to allow for you to buy out your partner and continue on your own moving forward.Step 5: Find a bunch more deals and rock it!

Knowing nothing about your current financial position except that you think you can buy a 300k property, I'm going to presume you have 70k liquid and making 78k per year (.35 dti ratio for 2000 mortgage, taxes, insurance and 250 association fee).

And of course the undisputed king - positive Cashflow.

@Jake SalibaYou are right, at this point of my life, because of the little amount of money I bring to the table on a monthly basis, purchasing a multifamily might not be the best plan of action.

Offer $119K (or less depending on your value proposition) with seller taking second position mortgage for $59K.

I know returns are probably less, but I generally am positive on your region.  

I am within a year of being in position to begin purchasing and long term holding my investment properties.

that we are actually taking action!  

I've finally gotten myself in a position to where I have enough equity to comfortably purchase my first rental. so now, I'm going to start getting more involved and try to learn quickly.