Maximize financing options, look for properties with value-add potential, focus on cash flow calculations, and consider nearby neighborhoods.

It is important to factor in all the benefits of house hacking into your calculations, i.e. amortization, appreciation, income, & potential rent avoidance.

In the meantime watch the BP podcasts and use the BP calculator to start analyzing deals so you get comfortable with the numbers.By this time next year I would say if you do this you'll have 10k in a bank account with an ok credit which should make you eligible for an FHA loan to buy (1-4 Units) with 3.5% down and get you started. 

Quote from @Jake Baker: @Andrew Syrios I looked at my last five flips to calculate the rehab cost overrun; the average was 15%.

A suggestion I would give you is to find a couple "for rent" signs in your local market, get the address and start "running your numbers" on the rental property calculator that BP has for us on here.

It may just seem like a small amount because the properties there are pretty cheap, but if you back-calculate the property tax rate, it's relatively high (not Texas high, though).

Download my free Calculator for co-living and Padsplit model. https://docs.google.com/spreadsheets/d/16lo7RLvIYsZtZcZ-l3BA...

We are ok with making calculated risks with our money, but when you introduce other peoples' money to the equation as a variable it can get sticky.

Then, I am using Rent Property Calculator and mortgage payment to estimate if the property can yield a positive cash flow.

In fact, use the calculators on BP so you don’t forget anything.