Since you’re already networking and have some good realtor contacts, focus on narrowing down your investment strategy (like buy-and-hold or house hacking) and target markets with solid cash flow potential.

Also at some point I want max cash flow and minimal risk to that cash flow.

However, given my budget, I’m worried about cash flow, although I do see this first investment as the start of what I hope to be a snowball.

@Nick RutkowskiI think I can monitor each zone for the flow of water but unable to bill for gas.

We have invested in mobile home and multi-family syndications, and we want to diversify into a different segment with good cash flow and some growth opportunities.

So he's cash flowing well on it, he's acknowledged that my situation will be different so I might need to raise rent.3) I think these are all valid questions, but the owner raised these himself too.

That being said, your typical cost of capital is as follows:EquityAgency debtBalance Sheet local lenderDebt FundPrivate DebtPref EquityHard Money DebtBookie/Loan SharkOther things that will impact capital sources: are you wanting to finance the improvements, or will you pay for those from equity/cash flow?  

With $100k down it’ll probably be slightly negative cash flow.

I'd also suggest self-managing your first property to maximize cash flow and learn by doing for any future investments.

When you say you want to prioritize cash flow over equity, you want to watch out for people honing in on that and selling you "good cash flow" deals which will be in D neighborhoods and will come with high capital expenditures and harder tenancies.