I would keep as much liquid as possible and essentially get you to 20% equity or more by renovating the property. 

There is a narrative among real estate investors that they can go it alone and just need someone to do the paperwork when it comes to negotiating deals.

However, I have offered two thingsA)  Higher deposit -  this way the owner's fears are alleviated somewhatB)  Property management - offer the owner that you will essentially property manage the property for them.     

I'd essentially have 2 units out of the garage.

But after working with the family, we purchased it for $42,000 and got to work.We had some unique challenges, like dealing with one of the heirs who wasn’t very cooperative and required a payoff to sign the paperwork we needed for clear title.

Principal balance currently at 314kProperty Details: It's essentially a "2-in-1" property, with the main unit rented out for $1,900/month and an attached ADU bringing in an additional $1,200/month.

I am essentially in the property for nothing besides closing costs as the land appraised at $45k.

So, I called the appraiser and explained that I would meet him on site to go over the paperwork.  

I thought the posting said 3 unit but my realtor gave me the paper work on it.

Many investors start their journey by diving into individual distressed property deals, but if you want to grow into a high-volume operation, it’s essential to change your mindset, strategy, and execution.