Per Year:(-$13,920)Debt Service Per Year:(-$27,900)Total per Year:(-$9,360)

We are just starting out but are have several years real estate and finance experience so while we hope to get our first deal soon, I don't consider us total newbies if that makes sense :).We found a nice property that we think we could do a wholesale assignment on. 

I'd be willing to bet there are more than one or two rental property investors spending their days there with you already.  

I was kind of in the same boat as you but 22 when I started earning close to 6 figures as a Police Officer with Overtime.I bought my first duplex at 22 to live in one half and rent the other with an FHA loan and was out of pocket about $6,000 total.

The total amount of the loan would be about $575,000, which is less than the median average of single and smaller multi-families in this town.

In addition to sites like this Ive found that driving the areas personally is the best bet to really get a sense of area. 

The tenant would pay $75 lets say per month to not have to have a deposit, your betting on that they will stay more than 12 months.

The idea is that you buy a great deal, rehab so that is worth significantly more than your total in cost (I'd say at least 15%), rent it out, then refinance. 

I totally loved this podcast.

If I do a 1031 in the next few years, I'll totally renovate the property prior to sale, so any money I put in now may be a waste.