The market here is relatively expensive, we both have pretty good jobs, but would like to avoid using our entire savings to get this off the ground.

That looks different for every person but ultimately it comes down to taking the first step into the unknown (which is a little unnerving) but once you do it starts to feel more comfortable with time.  

That's a span of time you can't even fathom at your age.2)  BUILD a SOLID FINANCIAL FOUNDATIONGet your credit score to >700 (there's a ton of info on how to build your credit anywhere on BP or Google)Obtain or continue earning W-2 income (this becomes important when you want to obtain a mortgage down the line)Pay down any bad (consumer) debt and don't pile on any additional bad debt.Start saving.

@Matthew CopelandTax Liens and Crowd Funding are pretty much the best options for a smaller account.Most investors will work within the standard financial services space to grow their savings and then switch to a self-directed account once they have the type of funding necessary to participate in more significant non-traditional assets such as real estate and notes.

We are hoping the building will save up for its own repairs and updates as we move forward.We are going to retain the current tenants at least until next summer, then slowly start increasing rent until they leave.  

I had a license when buying off the mls and saved buy side commission and lot of time...single family.

I do, however, advise waiting until you are able to find or create a great deal that you can afford before investing, and those type of deals don't just fall into your lap, you must work and actively seek them out ... the sooner and harder you start looking for them, saving for them, and educating yourself on how to spot and find them, then the sooner you will find them.

So if your IRA/LLC owns a rental property and you want to save a few bucks by painting it yourself, that is a prohibited transaction and the IRS could void the entire IRA (not just the part in the LLC).

The Rub:Currently I do not have the down payment, next year or the following, absolutely.Possible fixes:1) See if a commercial lender will finance a down payment, while I pay the owner for the next ten years or until a can save enough for a proper downpayment, all the while paying the down payment too. 2) Find a rich uncle, who is not afraid of the numbers.3) Find partners.Legality: Is it legal to ask for a lender to fund the downpayment?

While the above-referenced items identify what is customarily required by Servicer to support a Loan Assumption request, Seller and Buyer acknowledge and agree that the terms, provisions and conditions of the documents governing the loan(s) to be assumed will ultimately control, including, without limitation, transfer fees and costs, release language, legal opinions and the documentation required to evidence the Loan Assumption.