Thank you for summarizing so much of the problems in a comprehensible way @AJ Wong

The main problem with negative cashflow properties is this. 

There is no universal right or wrong, it's personal, it should be a strategy that enhances your life not takes away from it.

This usually works where there is a lot of garages.If you have the means to solve the financing challenges a tic/coop can be another sophisticated value add.Note this is just some value adds.  

No problem, I had cash from a refi, a HELOC, and a personal LOC.

Most of the one bedrooms that I have seen in the area seem to be going for 800-950 so I don't think I would have much of a problem, but I definitely want to be well informed before proceeding with this.

Even if you are focussing on appreciation, having a property that cash flows will help when the expensive surprise problems happen.Can't stress enough to take your time, learn as much as you can, and be cautious with your first investments (but try not to get analysis paralysis).

However, 3 were residential, and I’m happy to say no problems were encountered.  

So ya-see Jimmy, that's how we have a FACT-BASED conversation on "I can land 1%+ deals no problem"........

A personal loan is possible, the problem is banks will see this and it will hit your DTI.