Feel free to PM me. 

You also benefit from warranties that can reduce initial maintenance costs.

However, if the high cost of living makes this impractical, you should consider a turnkey rental property.

Most agents don't know anything about investing (especially the costs of fix and flip), but the ones that do are gold.

Essentially, the cap rate is the proportion of Net Operating Income (NOI) to the property's value or selling price:Cap Rate = Net Operating Income (NOI)/Property ValueThis ratio offers a direct method to evaluate the yield a property generates in relation to its cost.For advanced real estate investors, integrating additional factors might prove beneficial:Vacancy rate: The duration the property remains vacant.Operating expenses percentage: Includes insurance, utilities, and maintenance costs (excludes mortgage payments, depreciation, or income taxes).The adjusted formula for net income, incorporating these considerations, is:Net Income=(100 − Operating Expenses %) ×(100 − Vacancy Rate %) × Gross Income

Be sure to plug in to some of the local REI groups and feel free to give me a shout if I can help you on your investing journey!

Is there a good strategy into buying a smaller multifamily property while limiting out of pocket cost.

If price is below $360,000 then I back my way into if form there and calculate reno costs, etc.  

The state is Florida.I did not consider this first mortgage an issue because I was simply going to live rent and mortgage free in this property myself, rent bedrooms, make good money and recoup my investment in short time (netting 4k income per month if you count not having to pay my current rent).

Check big-cost items more carefully.