With $16K available, that limits you to an $80K house (which typically requires 20% down for an investment property mortgage).

There's a narrow band in the middle with good rates that you typically see advertised, then a "high balance" range where they aren't so good, then a "jumbo" range where they get better again (sometimes we find ways to shove "high balance" loans into "jumbo" for that reason).

Having said that, you must be aware of the typical tenant and what they will probably do to your property.

In Newport Beach, we're better off targeting millennials with good jobs because they typically are too busy working, still saving for a home and are thankful to have a nice place to live.

What are the typical vacancy and repair rates are you seeing for post repaired buy and hold rentals in these areas? 

They all have quirks in their lending committees (typically they carry their own paper) so you want to know if they're a good potential lender for you.

Ryan typically I would agree if this wasnt so unique.

With that said I typically make it to the Brandon TBREIA, Lakeland Flip savage, PCREIA, and occasionally the exchange meeting, Larry's Monday night meeting, TBREIA main meeting, SERIA, and a few others. 

If I were in your shoes, I might opt for a 10% increase every 6 months pending it's legally an option. 10% typically is a nuisance, but not enough to move.

Typically I see it being used on properties from 10-80k in value (granted the ARV is 150k range).