And if you add in other major mechanical things...it might run up to $10k...also on the lower rent range you will need to have a higher percentage because while a roof's cost will vary by the size and class of the property...things like heat and air and water heater and appliances are relatively fixed therefore being a larger percentage of your rent.

I understand that's a very personal and extreme decision but if she's unable to find full-time employment in GA, maybe she'll have better luck in CO.  

@Kayla Flynn You're right about that, if there's a single employer or a town with *only* a university, if things go south they REALLY go south. 

Also, my experience does not represent the entire MN wholesale community...just a small sample size.

I no longer want to count on a company to keep me employed or their paycheck.

The only funding I have available to me would be from my IRA and 401k (rollover from previous employer) to purchase my first REI.  

Size is going to be the biggest determining factor here.

I'm looking at the Birmingham market for mid to large size multifamily properties (~16+ units). 

Possible that some of the property is wetland, or the minimum lot size in your area is very large. 

., I make a point of calling their old landlord and their current employer.