Even at 100% your holding costs could evaporate your reserves in 6 months, and even if the lender provides some funds for the project rarely is it enough. 

Have reserves . 

This is what I modeled out (below).Downpayment25%# of Units15 Lease Amount562,500Purchase750,000 Annual Interest Rate4.75%Downpayment187,500Period360Rent/Unit700 Monthly Payments$2,934 Rent10,500 Vacancy @10%(1,050)Mgmt @10%(1,050)Repairs/Reserve @8%(840)Utilities(300)P&I(2,934)Insurance(83)Property Tax @2.5%(1,250)Net Monthly2,9922% Rule1.4%Cash Flow19950% Rule154Total Investment187,500ROI24%Monthly Cash2,992Cap Rate9.5%I think a seasoned investor could probably do a lot better, but I want to realistic about what I might be able to find in the market.

On the other hand, keep some cash in reserve as there's always an unexpected expense.

A daily rental manager needs to provide some sort of reservation service (preferably it includes an online presence), physically inspect and clean the property each day as your renters check in and out, and provide a linen exchange and laundry service for the sheets, towels, etc.  

I don't have any reserve money for a down payment at this time.  

Hopefully your personal finances are in order, and you have enough reserves for other things that might come up in home ownership.

In a HOA situation you need to factor that in right away @ -$375/mo effectively making your take $725 before any other expenses and reserves.  

That would take ALL of my down money with nothing left for reserves. 

I saw just yesterday that one of the key Fed Reserve chairman mentioned perhaps one increase this year so we are starting to see more cool heads prevail.