Conventional can work, but remember that the bank will be hesitant to lend if the property doesn't look habitable. 

Remember your paying on money you may not use so use it sparingly.  

Remember the stock market gets about 7%, so a good deal should get you more than this.

Remember everyone starts somewhere!

Remember, in most states you have to pay the tenant any interest accumulated on the deposit so putting it in a cap one account for instance wouldn’t benefit you. 

I stumbled onto BP in a similar way, searching for something (that I can't remember) online out of boredom.

Remember, your monthly rental price will be determined by how nice the updates are, what rent is going in the surrounding areas, how close it is to other ameneties.

Just be prepared to sell your pitch.If you have other properties, your local CU can grant you a secured loan using them as collateral. i also just found out the other day if you have a stock investment or passive investment income flow- The bank may be able to take that as some sort of collateral ( I can't remember what the exact term for that is).

Buy it and save yourself the trouble of reinventing the wheel.When it comes to property managers, remember that cheaper doesn't mean you'll make more money.You can start by going to www.narpm.org to search their directory of managers.

Remember that all real estate is local.