If you are a veteran or a child of a veteran I think theres VA loans available.

If you are totally hands off and not experienced enough to know how much materials and labor cost you will be at the mercy of a GC who will do it all for you and make more due to the fact that you don’t know any better and need to be hand held and coddled a lot more than a veteran of 15 rehabs.

As a result, they changed this guideline because people can use the prospective/current rents as qualifying income to help them qualify for a home when maybe they otherwise couldn't with a larger down payment.I'm also a veteran and using your VA entitlement is the best option here if you're going to purchase either a new construction or already existing property. 

As I understand it, (I'm not a veteran and pet new) flip profits are taxed as income and taxed hard.

There are some very clever photographers out there.

Repost:A couple of BP veterans put together a site Turn Key Reviews.

He's more of the traditional beautiful homes in good school districts type, I'm looking at junker houses to flip, yet we've collaborated and found ways to each grow and pass each other business... .He a veteran Realtor with $40mil in sales every year and me a newbie who just recently broke my first Million in sales.  

Most of my tenants here in LA are Section 8 and formerly homeless people and veterans and the only way I'll be able to do this on a long-term basis is to manage my properties without emotion. 

Start accumulating more cash from your very respectable salary and build on that $5k so that you can get into a property that will provide enough cash-flow or appreciation to build into something larger down the road.While it isn't impossible to buy a property with $5k, it is not an easy "ante" for what you are hoping for.Are you a veteran?

Fyi for the  future- there  are brand new loan programs that will allow  5% down on a  MF  property as long as you plan to live in it Sorry to make it clear it’s not “Veteran loan” It’s veridian credit union we did something called in house 80-20 loan which is 2 loans combined into one.