So be sure to factor in all of the costs associated with the property.

Most of your problems unfortunately are created by two factors.

I am looking ideally for a multifamily 2-4 unit property costing less than $300k that cash flows.

How much you reserve depends on age, condition, and a few other factors like 'Do I want to save the reserves because ill need them to replace items' or 'i save the reserves to make sure I'm profitable in the long run'.

That way, it doesn't even factor into your personal DTI.

I agree finding a value added opportunity would be ideal.

So I would not consider that surface knowledge, but I am not professing to be an expert on the exact inter working  socioeconomic factors of every house and street in Western Hamilton County. 

The CAP rates factor in property management fees and a projected 40% expense figure.

Definitely not a home run once you factor in maintenance, vacancy, etc. 

I’m in my mid twenties so ideally one of my friends who I’d partner with would only live in it for a few years then we could both get cash flow.