There are relationship components that can last a lifetime in this business.

We typically do 5 or 10 percent at contract execution and 30 to 35 percent at permit issuance.

Sure, read the books and listen to the podcasts, but you will learn more about investing when you buy your first investment than by reading a lifetime of books.Since you are a bit apprehensive, I recommend finding a GOOD agent who is also an investor and go out and buy your first home ...

I suspect some do this because we don't charge much (just $15) to run our credit reports and for some applicants they figure what they heck; they'll just try to sneak this through.When I hand everything back to them and tell them I'll run the check when they come back with actual proof of income  I never hear from about 90 percent of these folks again.I suspect that poor applicants will focus on private landlords more than "big" management thinking they will have more leeway with us.Gail

But if you were to come in with 50 percent down or all cash, and you are going for a long term buy and hold, it doesn't really matter.After all when was the best time to buy real estate?  

My thoughts have been to get this one payed off, (100 percent cash flow) learn to manage it and get another home and do the same.

I personally usually request a 30 percent minimum down and a payment schedule where I get paid as I complete certain project milestones.

This market is really tough to get good deals through MLS.To sell, we use an agent that only charges 1/2 percent for the seller side and she takes care of all the paperwork.

With 20 percent down your mortgage will be about 116k which with 2.8percent mortgage rate will be probably be around 540 a month 

If your self managing a property your expenses should be less then 50 percent.