I’m considering calling it quits and doing my own research and offers directly with REO/ bank owned websites like Home Path, Bank of America, City National etc...

Once you get one deal you can afford to start buying my targeted list and cold call or send direct mail.

Do I reach out to the buyer directly or via attorney? 

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Not sure what your schedule is like but there are a few meetup.com REI events if you look for them.Also something to think about with your 401k is converting it into a Self-directed IRA and using that to fund your rental (we use Quest for our custodian). 

If the property is brand new you might get away with the first 5 years with minimal repairs but if it's older I'd plan for 30% to go towards repairs or unexpected expenses. 

I need all the help  and direction I can get from people who have been doing it successfully for decades, as a few people here have.If I can make some smart people chuckle, though, the day hasn't been totally wasted either.

Any unexpected expenses?

Just to directly answer your question - I think you would be best with that size property, finding a partner to JV with whose got the money and assets to get the loan and pay the down payment.

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