I'm a little nervous too because the asking price is a little high for the amount of repairs that are needed, but I'm trying not to scare the owner with a low ball offer because I'm focused on getting him to finance the deal so I can get a low interest rate or no interest at all.

Also, if I save for a down payment of 10k on a property, how much more should I save for reserves, like if I can’t find tenants for 3 or more months and/or I have to fix something on the property first?

@Eli JoffeTo make smart choices for your first rental in Cincinnati, look at key numbers: buy price, fix-up costs, closing costs, monthly rent, mortgage, management fees, vacancy rate, and upkeep costs.

Alternatively, if your goal is strictly to find cashflow from day 1 (especially if you're coming in with a modest downpayment amount), then I would advise to focus in outer areas. 

I am aware that if the property gets sold at higher amount than the upset price, the surplus amount is used to pay off any junior liens and the left over goes to the owner.Will the surplus amount be used to pay off property tax liens and HOA liens? 

Investment Info:Single-family residence fix & flip investment.

And, of course, we each get to invest small amounts to participate in deals that would otherwise require a lot of money to invest in.

It's a fair amount of work, as first you probably need to get that list.Then from that list try to find out who is investor and who is owner/occupying. 

Just finished my major in Business Management and am receiving my Management and Supervision certificate this summer.I've been studying real estate for a few years now, have watched tons of videos, calculated and ran numbers on numerous properties and listings, and talked with many lenders and real estate agents, but because I don't have anyone in my circle that's well-experienced in REI's I've hesitated to pull the trigger on anything.I'm looking to fix and flip, BRRR, LTR, MTR, STR, or multi-family.

If they get loose on a wet day, you will be fixing their hoof damage for weeks....Not to mention the liability.