A little info: Asking price- $41,900Our first offer- $24,000(house needs $15,000 in repairs, all cosmetic, nothing structural) we cover closing cost, 10 day option period/ $100, title policy and survey at sellers expense.

Perhaps open a HELOC and keep $10-20k in reserve for that one month when a water heater blows up and you need a roof repair. 

- major property repair ? 

I just went through this and they did paint, cleaning and some other repairs in 2 weeks.

Plus you'll need to make sure you're got money for repairs and a reserve for if there is capex needed.

That's because my cash flow goal is after ALL expenses, including a realistic vacancy, PM whether I use one or not, allowance for repairs and capex, and debt service, etc.

Cost to repair was over $8k.  

So I find that when I evaluate properties according to the BiggerPockets method, including CapEx monthly, including 5% of gross rents for repairs and maintanence, including 10% for property managers, etc, NO property passes any test.  1% rule, 50% rule, or even being positive cash flow.  

I was definitely hoping to find lenders that don't really require a credit check since I'm in the middle of repairing mine.

You want to start a real estate journey  - start it.To be in line with Dave - have an emergency fund in case the tenant will not pay or some repairs will needed.