We have pretty strong credit amongst the three of us and are incomes allow for much more but at the moment we want to start with the one property and see how well we manage it.

@Daniel Mohnkern   By leaving everything in the name of the seller and not receiving the deed and putting 20k into rehab then you are taking a huge risk, even if you have a strong contract outlining the deal if the seller decided to take the renovated home and sell it quickly on the down low then I would be faced with litigation, attorniey fee's and a lot of time fighting to get this money back. 

When presenting offers to the bank/seller, whose case do you think they will put forward more strongly?

In 90 - 120 days business owners can obtain $100k to $250k in unsecured business lines of credit themselves.Follow these simple steps:1) Establish a strong internet presence for your company by listing it on at least 15 sites-- Facebook, LinkedIn, Twitter, Scoop It, Bing, Manta, 411, Google+, Google Places, etc.2) Establish a business checking account at 2 banks (with a 700 credit each will offer a business credit card.3) Make regular deposits into your business checking account for 90 days to establish a favorable bank rating.4) Add higher level trade references to Dun and Bradstreet to provide depth to your Paydex Score (net 30s are usually lower amounts; you'll need higher approvals from your trade references-- 2k to 4k).5) Upload your company financials to Dun and Bradstreet to complete your file and create a strong credit profile.6) After 90 days apply for unsecured lines of credit.

The parking spot for the unit is close to the back deck, so we'll need to go in and out from there and it really is amazing how strong it is.  

Certain markets are seeing strong price increases, with Sellers listing high and getting it.  

You need to get a good umbrella insurance policy, a strong lease, defined rental criteria for potential tenants, and partners in place such as handymen, and an attorney to handle possible evictions etc.

I'm strongly leaning against tankless on my current triplex, as it just doesn't sound like landlords are having good results.

Below I will provide an overview of a property that looks to meet most of the underwriting criteria I've established for a viable investment e.g. 75% ARV test, affluent neighborhood, great school district, strong resale market, etc., but thought this information would be useful for those who might answer. 

Seems like a desirable place to live, with strong growth potential as well.