Here's the breakdown for those who are wondering;House purchased at 140k with 20% down (28k)Rehab/Repair costs:  $3100 of my own cash, $2100  (paid to me at closing) to the painter from sellers for the remainder of the exterior paint job  PITI Payment:  $861.00Rent: $1570.00What does everyone think for my first investment? 

My husband and I have been running a heating and AC biz for over 3 years now, we do it all; commercial, residential, new construction, equipment replacements, custom duct design & fabrication, service, maintenance, repairs...

To do so would be a violation of the law, so I gladly accept S8 vouchers.What I won't do is:Fill out S8 paperwork to get approved for their program.Allow them to inspect my units.Agree to any repairs that they would dictate.Therefore, the S8 program will never work with me.

I understand I will need liquid cash for repairs and such, but the bigger question is should I go where the properties are cheaper so my "risk" is less, or should I continue to wait until I have a much large amount of cash saved?

Needs about 8k in exterior repairs.

It's not in great condition and I've been trying to help her make repairs.

So I don't lease my own units but I keep track of tenant payments, balances due, repairs, ect. 

Even worst, the property had no gas because we were still making repairs.

Can I use my cash then refinance with a repair loan or what?

I plan on building a relationship with the seller to get more information on the deal such as a list of all the properties, current rent, rent history, status/quality of each home, cap rate etc.My issue is I don't have anywhere near the 20% to 25% down payment, even if I were to negotiate the price down by $1.5 mil.