I would house hack to start off and use it to reduce your living expenses significantly so you can get into more deals.

My parents bought an expensive home last year and there was no wire transfer fee but he's charging me $40 for it.

Just wanted to add that FHA loans are fairly expensive these days and the mortgage insurance stays on there for the life of the loan.  

Hi Gabriel, since you're in an expensive market I'd look somewhere like Cleveland where your money will go further.

In fact, gross rent (before expenses) aren't usually $2000 on such a property....that would be rent equal to 4% of the purchase price....however, that'd be a screaming deal if the numbers shake out.

Expenses, insurance ect....once you have these numbers, you can estimate cap rate and NOI.  

This would allow us to further update house, without expenses of going in to FHA procedures.Please let me know what are your thoughts about FHA vs CONVENTIONAL + HELOC.Thank you all.

Once this one is closed, rent checks are coming in and you can see how expenses iron out, etc you will be much better suited to identify a better deal in that area/market.

have fun and keep a score card of your success (add up equity until you hit a million dollarstenants - your new responsibilities - treat them like customers - they'll pay your mortgages if you dodo not associate yourself with a mentor or buy expensive real estate programs unless you know for sure that the instructor  or mentor has a reasonable large net worth and is qualified to teach you what you need!

I didn’t back these expenses out because they were crucial to me completing the work.