"I had saved barely enough to put down a down payment, and I didn't have enough money to close," Henkel remembers.

That can be a tough ask if you are barely breaking even.  

I was still busting my hump and barely living “comfortably”.

Now I am interested in leasing furniture completely if the numbers make sense and company is good, so that the furnishings are not my responsibility.With one or two properties buying and owning all furniture, decor, linens, kitchen items, etc, etc, etc (there are so many items you need to set up a bare property from scratch) may not be a big deal.

For example my parents are currently seller financing 7 acres of bare land with ocean view in Southern California.

It smelled like cat pee and was barely live able.  

My offer would be just about the bare minimum a business owner would ask for.

I barely know anything about property red flags but I got an inspector that gives them too me. 

Does it really matter if you got a 2% rate on a monthly payment that you can barely afford?

At 99k asking price, plus 20k for a bare minimum rehab cost, plus holding fees, closing costs, ect its a tight BRRR.