Even with no/low money down options, I suggest having ample reserves in case you need to come to the table with cash for some reason. 

Both properties fall into Class B- category and has no HOA and no rental restrictions.Here are the details for each property:Property 1:3 Bed, 2 Bath (1020 sq ft)Purchase Price: $250,000Moderate rehab needed (Kitchen, floor, bathroom sink vanity, light & fan fixtures, interior paint)Rehab Cost: $30,000After Repair Value (ARV): $295,000Down Payment: 20% (Out of Pocket: $50,000 + $30,000 (rehab) = $80,000)Projected Rental Income Post-renovation: $2100/monthProperty 2:2 Bed, 2.5 Bath (1168 sq ft)Purchase Price: $230,000Moderate rehab needed (Kitchen, floor, bathroom sink vanity, light & fan fixtures, interior paint)Rehab Cost: $30,000After Repair Value (ARV): $295,000Down Payment: 20% (Out of Pocket: $46,000 + $30,000 (rehab) = $76,000)Projected Rental Income Post-renovation: $1900/monthThe location is moderate, with amenities like shops, restaurants, a mall, and a baseball stadium within a 5-mile radius.Considering buying both as they are in the same building, the total cost and income overview would be:Total Price for Both Properties: $478,000Down Payment & Closing: $96,000 + $10,000 = $106,000Total Renovations: $60,000Total Price (Including Renovations): $478,000 + $60,000 = $538,000Total Out of Pocket: $166,000Projected Gross Rent Monthly: $4000The rate of interest for the mortgage is 7.5%.I am currently evaluating: A) The break-even point for two townhomes considering a cash investment of close to 32%.

When rates drop, you can always refinance and your cash flow will be even better! 

Until then, my initial plan was to try and grow my capital (20k from a car flipping business) and get experience now so I can later focus more on cash flow down the line. 

If your rent is at $1950 with a mortgage of $2650 your negative (-$700) cash flow.

Just a questions since this comes up frequently on these forums: why in earth do you care about cash flow if you’re buying a $600k property all cash?

This is the sledgehammer to be used only if this is a major issue for you and you are willing to take the cash flow and renovation impact now.I would do #1 and #2.

It is the 3rd largest MSA in the USA, and you can still find cash flow on deals of any size. 

The problem with rentals is not enough cash flow initially.

They can also help you figure out rental income, costs, and cash flow.