Construction loans have a fair amount of fees involved.

@Austin Tessyes, you can get a loan to do a flip, but flipping still requires your own cash - it's typically impossible for a brand new investor to borrow an amount that covers all of the costs of a flip.  

I make a decent amount of money nearly from my W-2 (over 100k) but still not enough to easily buy another property this year especially if I have to put down 20%.

It will be an uphill battle to find a lender willing to lend on a low loan amount.

I am set to close on it in about two weeks and am slightly nervous about finding a tenant in a good amount of time, given that there are a lot of similar new constructions in the same community that are up for rent but have been sitting on the market for 30-70+ days. 

What is your price range/down payment amount?

The apartment sale price 275k, loan amount 261k with 19k grant, no money out of pocket. after rehab rent 1850-2k month for location. my home 4 bd 2.5 b worth 217-230k will rent for 1800-2k month.

The guests/tenants pay the overage amount above the cap.

Is there a certain amount of savings or financial cushion that experienced investors recommend before jumping in? 

When you say similar pay do you mean amount or will you also be paid the same?