If the property costs $600,000 with a 3.5% down payment at a 7% mortgage rate, along with typical taxes and insurance, the monthly expenses could be around $4,700.

@Erin HollenPlease create a budget to see what it'll cost you to do all the repairs.

Sounds like an awesome opportunity to learn the process first hand, which will help you self manage and act as your own contractor for future projects.I have 1 deep city lot on w Worley, and plan to buy the neighbor parcel.

Agent can't waive it, they can eat the cost but as an agent I would not. 

Initially signed up for property management for few months before I'm mentally prepared to start self-managing.

I enjoy helping and making sure investors avoid costly mistakes.  

Is it the high upfront costs, finding a reliable lender, or something else entirely?

I wouldn't use all of the funds on the down payment and closing costs but keep some of it to get the rehab started, as most private lenders will give you funds for the rehab after part of that rehab is done.

@Johanna Valencia If you're looking to scale the portfolio, I'd suggest getting into another multi, somewhere within a manageable distance as to make it easy for you to manage, but also find something in which you will be able to fit your family.

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