A 2 bedroom apartment here ranges from $2200 to as high as $3,500 depending on the area.

We itemize under each category with specifics, here is an example from one of our move-outs:CREDITAmount held as Security Deposit: $800DEBIT Less Deductions for Missing Items: $3010 year lithium battery from smoke detector ($10)Seat cushion from kitchen bench ($20)Less Deductions for Damages: $170Patio – stain ($20)     Living Room – one broken window pane ($50)     Living Room – five inch spot on carpet from black sharpie pen ($50)     Living Room – one broken wand on blinds ($5)      Front Bedroom – one bent curtain rod ($5)Back Bedroom - door handle bent ($10)     Kitchen - cabinet drawer wood broken ($30)Less for Extra Cleaning $110Stove Top ($25)     Range Hood ($20)     Kitchen Sink ($20)     Ceiling Fan ($15)     Walls – extra cleaning of grime & pen marks ($10)     Floor Vents - debris in ducts ($10)     Outside Debris ($10)Less for Unpaid Utilities $12     Electric (changed by tenant too early, $12 for Nov 20 to Nov 30)[Credits $800 Less Debits $322 = $468]Total Due from Landlord to Tenant (Check Enclosed) $468

@Leigh C I would love to work with a mentor but the ones I've found in my area are out of my price range.

You can work with agents or investors locating distressed properties, motivated sellers, and any other range of creative ways to get leads. 

I have seen down payments ranging from 15-25% to get conventional financing on an investment property, really looking to put as little down as possible.

I have not picked a property yet I was checking to see what range of property i could afford based on cash flow.

Owning a property in urban areas is perfectly fine as long as the numbers make sense.I use multiple online tools to find listed, unlisted properties in Minnesota and have properties in and outside of Minneapolis (200 mile range). 

Financing through a partner...and looking at most likely range that section 8 would pay to ensure that my annual cash flow is worth investing in that particular neighborhood after rehabbing the property, insurance, repairs, etc.

Taxes: 11.4% (Remember, I'm in Texas, property taxes are higher for us)Insurance: 4.7%Maintenance: 9.4%Vacancy: 4.5%Capex ranges from 9% to 25% (I have two rehabs, which have a higher capex).I'm going to preparing to talk to my appraisal district this spring and bring Taxes down to 8%.

This is a unique situation where we want to offer Person 2 30% of non-voting stocks, but the end game is Person 2 gets to have 50% of net profit for providing financial backup up to 500k in the form of supplier debt or cash on projects that we present Person 2.