With the little research I’ve done, I’m betting I can get $500/month in rent for a simple unit, like I’m considering.

Best of luck to you and keep all of us posted on your journey! 

My wife, Nyree and I are just getting started on our investment journey.

foam board is your best bet.

I'd be willing to bet a couple beers you have been misinformed.

It's going to be very tough to finance this with $0 down through a conventional or commercial lender.Your best bet is to find private money to put up the $470k for acquisition + rehab and then refinance once the property is fully stabilized and pay off your private money lender.If you get rents to $8k you'll be around $48k NOI so at a 7% CAP the property would be worth $685k.At a 70% LTV refinance you'll pull $480k out to pay off your lender/closing costs and have $0 into the deal.This is obviously assuming the seller is carrying anything above the $400k as you had alluded to.Also I don't know the going CAP in your market so this is all just a hypothetical BRRRR example.

I’d say your best bet is to wholesale this one to build your reserves.

I'm very excited to be entering into the REI journey and have loved all of the content on here already! 

Thanks for sharing your journey. 

This also implies better B, C neighborhoods are not cash flow and unsophisticated investors are betting on a unrealistic outlook that will never happen.