After paying in additional 10% in Principle.Mortgage will go down to 1290/month.I realize there is a negative cash flow to start, but im thinking the 15k in equity off the bat and highly recommended tenants making rent payments in the 1st month is worth it (no waiting a month or more to find a good tenant.)Main goal is buy and hold.

My goal is to get 8-10% net cap rate for a long term (20-30 years), I'm still considering few strategies, To invest in a big and stable city like Jacksonville to buy a old house (1960-1980) in not so good neighborhood and give it to a property management company to take car of the properties or to go to a medium city like Gainesville but will still need a local property management or it will be better for me to invest in a new construction in a small city like Ocala (I know there is a lot of development in the area) and I can also manage it myself.

In CA, you won't be accorded that, we modify our formula here as MAO = ARV - 10% ARV(holding/selling costs) - Profit Goal - Purchase Price.

What is your goal with your first property? 

Same goal. 

Look into foreclosures in your local market that you can BRRR (if you are interested in buy and hold) or flip if that is your goal.

Jorge, it all depends on what your investment goals are.

.- My goal is to follow Scott Trench's ideas in Set for Life and hopefully rent a room for under $1200/month to save some extra cash and use it along with my current savings to buy and house hack a duplex/triplex/fourplex in 4-12 months in the Oakland/Emeryville area.- I consider myself very handy since I have renovated my entire house 99% by myself and pulled permits. 

I would be happy to talk more with you about what your goals are and what you are more specifically looking for!

For my personal situation and goals this deal makes plenty of sense, but it’s not for everyone.