Take Home Pay:  Approx $105K/YearMoving to Colorado in the next 6-9 months Living with a friend for extreme discounted rate Own two homes, one in Colorado cash flows around $250 , one in Florida (property of topic) [Mortgage$3200 HOA $440]

Often rates trend a bit higher compared to the 1-4 unit program. 

What are vacancy rates in your market and does the current tenant plan to re-up for another year?

There are variables that can have terminal rates lower than initial rates, supply and demand as well as interest rates are a few.

For 30 year fixed loans, the rates will vary by the NOI and LTV - if you go 60% LTV you could be possibly be in the 5-7's.

I started with nothing and aggressively saved for almost a year until I had 10k for a downpayment on a cheap house.Step 2: Join online platforms like BiggerPockets, Eventbrite, Meetup, and Facebook groups to connect with investors and get an idea of what kind of properties to look for as investments.Step 3: Use Zillow to find agents and communicate what you’re looking for.Step 4: Analyze at least 5 properties a day in your target market for six months to understand what it would take for you to make positive cashflow.Step 5 Get pre approved from a bank.

They bought several years ago though at lower price points, so I'm not sure how well those properties would pencil out with current pricing and interest rates. 

I would make it a ROTH if at all possible.I have bought distressed properties cheap and fixed them up with Solo401k money.

@Paul Castillo In the piedmont area of North Carolina the costs of land are relatively cheap, however, good labor can be hard to find.

As mentioned, your taxes will be higher than the number they gave you as homesteads are taxed at a lower rate and you’re not living there.