In other words, if you already hired the guy, and he already did the work, you're more or less stuck paying the bill unless you want a mechanic's lien on your property.You've probably already learned this lesson, but in the future, at the very minimum have a detailed conversation with the contractor about what will be included for what price.

I'm excited to get off the sidelines and get involved in these insightful conversations. 

You can set an alert for people who post things like "Utah" or "Alpine, UT" and you will be notified of those conversations.

I have listed some helpful recommendations for you:Find and connect with other BP members that are in your area:http://www.biggerpockets.com/meetSet up keyword alerts to be notified of the topics that interest you:http://www.biggerpockets.com/alertsRead Beginner’s Guide:http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts:http://www.biggerpockets.com/renewsblog/category/podcast/If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.

However, to buy my first one I may need to drop 20% for the down payment if it's a SFR (since I couldn't use an FHA loan).Doing that will almost wipe out my current cash reserves, which means it will be a slow grind back to another 20k or so (probably 10-12 months).Conversely, I suppose I could try the fix and flip strategy to earn some cash at a faster rate, and then be able to buy more rentals at once, but I am more averse to this strategy because I lack the requisite knowledge/skills/tools for rehab and because it seems a bit more risky going into a potentially problematic property (obviously any property could be problematic but with a fix and flip you KNOW there are going to be problems).So I guess what I'm looking for are some thoughts as to the most intelligent way to utilize my current cash reserves (about 20 - 25k) in a way that doesn't immediately stunt my growth but also with respect to my risk tolerance and knowledge/skills (or lack thereof).

I have listed some helpful recommendations for you:Find and connect with other BP members that are in your area:http://www.biggerpockets.com/meetSet up keyword alerts to be notified of the topics that interest you:http://www.biggerpockets.com/alertsRead Beginner’s Guide:http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts:http://www.biggerpockets.com/renewsblog/category/podcast/If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person.

Account Closed - I know they aren't negotiating for you but there is a lot you will learn from the seller over the first conversation that I think will be lost if you're not taking the calls yourself.

Question for BP lenders. What issues would I run into if I took out a fha or conventional loan to purchase a SFR but then immediately converted it to a MFR? Are there legal consequences to this from a lender perspective?

We just did a really cool brownstone conversion in mid-town and sold it to a buyer.

And while it doesn't give you a very solid action plan, it gives you enough material to have a good conversation with your CPA.