The next step would be to renovate a vacant unit.

I’m looking at a single family home that needs full renovation built in 1890 near downtown Indianapolis.

I figured this would be another local agent listing for a big investor that was trying to dump the properties for cash to move into larger commercial investments.

I could figure a way to turn this into a small, livable area by adding a shower, bedroom area, renovating it, etc.

we have a property under renovation in Delaware County in Pennsylvania.we hired a general contractor to fix home with contracted duration of 90 days to finish the project.

But if/when a correction happens we'll stop or scale back on the renovations and still cash flow (assuming other variables aren't in play). 

If it was built in 2004 and you don't need major renovations and you plan to buy and hold, I think you would be fine. 

Typically you'll need to make a larger down payment.

You may then get to a point where you feel more comfortable moving into larger multi family and will have the capital to do so.

After filling it with my purchased items a couple times it was pretty much a normal rehab.If it's a listing, you could try to find a cleanout company that will agree to be paid out of escrow, or there are lending programs that offer home renovation loans to fix up homes to be sold.Be careful working with wholesalers as an agent.