It looks like you're not budgeting for vacancy, repairs and various transactional costs, I don't see those line items in the math.

With 10k you can do a few things depending on how creative you are.BUT, the first move you should make is to do your homework about real estate investing fully before putting a dime into it.

Real private money lenders know how to do basic math and determine when and how their money is going to be tied up. 

Even if everything goes wrong it would still be less expensive than my rent as well as something I keep.I figure in 2 years or so I would move out and rent the smaller portion as well.I'm just making sure the Math + my logic follows.

Interesting how often it comes down to "math". 

I'm not a tax expert but from what I've read his $17 billion estate would have been taxed about sixty cents on the dollar had he stayed in New York and Florida has no estate tax so as the real estate guys would say "do the math and the math will tell you what to do."  

Numbers don’t lie, if the numbers make sense and if the numbers work, we can simply replace all doubt and speculation with the assurance of math.

It's a math exercise to determine if it's a good investment.

Upfront homework on the deal and projectionsC.

Do your homework on the Market and be sure to get qualified contractors before you begin.