CapEx is included, but is considerably lower because it's a very new, excellent condition property (I considered things such as paint, appliances, flooring that would be needed while we still own the property).Purchase Price $350,000Purchase Closing Costs $1,300Total Project Cost $351,300ARV $350,000Down Payment $12,250Loan Amount $337,750Amortized for 30 yearsLoan Interest Rate 4.6%Monthly P&I $1,731.46Total Cash Needed $13,550.002% Rule 0.85%Initial Equity $12,250Monthly Income ($1500 per unit) $3,000 Monthly Expenses (Including CapEx) $2,607 Monthly Cashflow $392 Pro Forma Cap 7.28% Total Cash Needed $13,550.00Cash on Cash ROI 34.73% Purchase Cap Rate 7.28%Est Vacancy $150PMI $200Est CapEx $63Insurance $80P&I $1,731.46My only major concern is that I'm not meeting the 2% rule (and just short of 1%, even), but this is probably the closest property I've seen, and has a significant cash on cash ROI.

An exception might be an empty apartment building that can be readied within a few months for a reasonable amount-100k or so.

Please click on the links, give them a read, and share your thoughts in the comments.First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bpThe second is a post that will help get you focused with your real estate investing goals:https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciatedThe last one is a post that will help you choose an “investor friendly” real estate agent.

And yes, I pay for a base cleaning and basic amount of sheets.

It's a great way for people with small amounts of money (probably 3-5K) to get involved in investing. 

No Evictions, EVERI also tell them there is a $35.00 non-refundable background check that THEY will pay for through SmartMove.I still end up with a wide pool to choose from...........then when I meet them...........The best qualified tenant somehow miraculously/coincidentally is the one with the least amount of adults moving in to the property...........If they have a 6 bedroom voucher and it's going to be a mother (and invariably her boyfriend) moving in along with 5 kids I'm good with that.You may want to see if your tenants "volunteer" information about having a lot of family in the area because invariably that "family" usually winds up living at the property......but if someone says they or their boyfriend does NOT have a lot or any family in the area then they seem to miraculously/coincidentally end up at the head of the line in my book as far as being best qualifed to move into my rental.

I understand I will need liquid cash for repairs and such, but the bigger question is should I go where the properties are cheaper so my "risk" is less, or should I continue to wait until I have a much large amount of cash saved?

In RE 15% with a good amount of risk is phenomenal. 

All extra contingency, inspection, credit from reno costs is applied to your principal loan amount (you don't get your $ back from Fannie Mae!).

Please click on the links, give them a read, and share your thoughts in the comments.First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bpThe second is a post that will help get you focused with your real estate investing goals:https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciatedThe last one is a post that will help you choose an “investor friendly” real estate agent.