I'd wait until you have the money set so that you don't have extra moving parts.

Of course these properties are old, and require more maintenance than others somewhere else would.What I'm getting at is that my skill set, my area, and my mindset regarding investing complement each other in what I've chosen to do within the field of real estate investing.

I have my LLC set up, a rough outline business plan and will be joining my local REI but as far a taking the plunge I'm suffering from the infamous "analysis paralysis" when it comes to finding deals and making things happen.

The offering should set expectations.

Set aside 25% of all of it. 

Our occupancy is around 100 days.We have set up our "Team" with a good cleaning lady and a couple local handy men. 

If the market does adjust you will be ready and can be more selective. 

Been reading numerous personal finance books and lurking BP for a few months now, but the savings are finally shaping up, so I've decided to take it more seriously :) I'm a recent college grad from the bay area who's been in industry for about 1-2 years now and I'm really interested in setting up a positive, reliable cashflow for myself to reach financial independence.

This amount will need to be then adjusted by the building value. 

Set for life, the book on rental property investing, the book on managing rental properties, the book on no money down.