Those typically take longer and cost you more money.

After factoring in the repairs and the operating costs it would be difficult to break even right now. 

Is there a good strategy into buying a smaller multifamily property while limiting out of pocket cost.

What’s a good estimate you think I should have for the down payment, closing costs, repairs, holding costs, and reserves?

Both long-term and short-term rentals have their pros and cons, especially here in San Antonio.Long-Term Rentals:- Stability: With long-term tenants, you have a more stable income and fewer turnover costs.- Less Management: Once a tenant is in place, there’s typically less day-to-day management required.- Consistency: In neighborhoods like Northwest and Northeast San Antonio, long-term rentals can offer consistent demand due to local schools and businesses.Short-Term Rentals:- Higher Potential Income: You can charge more per night, especially during peak tourist seasons.- Flexibility: If you want to use the property yourself occasionally, you have that option.- More Work: Managing a short-term rental requires more effort with frequent guest turnover and maintaining high standards for reviews.As for platforms, Airbnb is popular, but you might also consider VRBO or Booking.com for short-term rentals.

Most agents don't know anything about investing (especially the costs of fix and flip), but the ones that do are gold.

Essentially, the cap rate is the proportion of Net Operating Income (NOI) to the property's value or selling price:Cap Rate = Net Operating Income (NOI)/Property ValueThis ratio offers a direct method to evaluate the yield a property generates in relation to its cost.For advanced real estate investors, integrating additional factors might prove beneficial:Vacancy rate: The duration the property remains vacant.Operating expenses percentage: Includes insurance, utilities, and maintenance costs (excludes mortgage payments, depreciation, or income taxes).The adjusted formula for net income, incorporating these considerations, is:Net Income=(100 − Operating Expenses %) ×(100 − Vacancy Rate %) × Gross Income

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

If price is below $360,000 then I back my way into if form there and calculate reno costs, etc.  

Check big-cost items more carefully.