Getting into a 2-4 unit property with FHA, or other options, is a good way to figure out if you are cut out for real estate investing.

another option that seems a little risky at first but can cut a budget quite a bit is to hire a GC at a reasonable hourly rate vs a bid. 

The broker gets a cut of the commission earned by any of the agents working under the broker's license

Besides that fact that determining appreciation could be a major issue in 3-5 years, Id tell the seller that if you are going to own the property you're taking the risk and get any appreciation.Just going off what you're saying in theory you could get zero cash flow for 5 years and then STILL have to cut the seller a check for appreciation? 

Now of course what I sell it for over that is my cut but I have never cowholesaled a property nor have I written an option to put on an existing contract.

Lower the insurance deductible, leave a light on in the house so it looks occupied, screw backdoor and downstairs windows closed or cut pieces of wood so windows can't be opened, put a privacy fence around the backyard, blinds, timers to make tv or lights go off and on every so often, leave kids toys out front, set bear traps along the perimeter of the hvac units and cover with leaves.

You can cut loose the management company but probably would want to have an audit.You need a good CPA and a good lawyer.

If I found them to be way outside of my range, I cut the small talk and moved on!  

By the time we Close on a property we already know which tenants we wish to keep and which we will cut loose (and when).The advantages of Closing on a full building is you have a revenue stream out of the gate.  

Let's cut their contract rent way below market rate... but only after making them suffer through our inspection!