Furthermore, when you decide to sell these types of properties you will have a very limited buyer pool.

If I'm reading the rules correctly, under 10,000 square feet, RH lots are limited to 1 unit/2,000 with maximum building coverage of 85%.

My limited experience suggests that it should be around $230-$240k, but I'd sure like a second or third opinion on the matter.

Best way to offset this is to pay any credit cards before the statement cuts so they report zero balance and try to raise the limits thus lowering your overall credit utilization.

I don't have friends/family who would be interested in investing in real estate (their loss unfortunately).

They can afford the loss if it happens - not to say it would - but just in case. 

Please keep in mind all of this is just my opinion based on my very limited experience... so keep that perspective as you read. 

We stay within city limits on the southside. 

in most states as long as your felony is not financial you can get a real estate license I woujld do that.then work for a top producer and learn the trade.. do his or her busy work share commisisons.I have seen many apprentice for 3 to 5 years then strike out on their own and end up doing quite well for themselves.trying to be a real estate investor with limited financials is a pretty tough thing to do with or without criminal backgroudn

Investing involves risks and rewards – and usually the higher the risk, the greater the potential for significant gains and losses of invested equity.