I would want to be my own property manager which doesn't scare me much as I have good people skills and good maintenance skills.I'm concerned about getting financing at my age and at my income level.

Insurance, taxes, lawn maintenance/appliance repair.

Maybe you could find a seller finance deal, but again, you´d be looking at very low income neighborhoods with significant vacancy and maintenance risks. 

What percentage of rent are you setting aside for vacancy, maintenance and management?

Heres the deal...4 plex, rents or 1740/mExpenses are 40 for electric, 35 for trash, mowing/snow- 150 for a total of 225PITI - 850Vacancy/PM/Capex/Maintenance-556total expense =1631this seems to be one of the better deals that I've seen.Thanks in advance.

Of course there is also the quality of tenant consideration, age related maintenance, etc.

The building was built in 1968 and is low maintenance with all new appliances and remodeled units.

This will help force you to write down all of the costs (including capex, maintenance, vacancy, taxes, etc) to help you think through some things you may be overlooking.http://www.biggerpockets.com/buy-and-hold-calculatorWith regards to the wood paneling you have a few options with the walls (I would leave the ceiling).  

If they want more than that, they you way want to walk away.You do want to look for two things, either cash flow (will the property rent for more than PITI + expenses including maintenence)or you want to get a bunch of equityor both equity and cash flowYou can make money in any of the above casesMAO only applies if you need to do repairs to rent it   Most of the property that you will look at subject-to is lived in my the owner or was recently lived in.

Right now both of our properties are in our personal names and I operate under the LLC with my tenants, payments, maintenance, etc.