Even at 175k with 10% vacancy @ 2200 a month you are break even with a management company and positive cashflow of $275 per month if you manage yourself.  

If not, then move to step 4.Step 4: After stabilizing the cashflow/property, prepare your personal financial position to allow for you to buy out your partner and continue on your own moving forward.Step 5: Find a bunch more deals and rock it!

Knowing nothing about your current financial position except that you think you can buy a 300k property, I'm going to presume you have 70k liquid and making 78k per year (.35 dti ratio for 2000 mortgage, taxes, insurance and 250 association fee).

On short notice, this costs us $240...I know, I know...smh.

Hi all,I have noticed my name mentioned here a few times.  

You will notice a lot of success stories you hear are from those who started after the GREAT recession.  

@Luis AguilarIf your rent is $300/mo, that's a very strong position to be in.

I noticed you used the word *should*.  

Offer $119K (or less depending on your value proposition) with seller taking second position mortgage for $59K.

I know returns are probably less, but I generally am positive on your region.