The price point I was comfortable starting into was 150k to 200k.

Just depends on your budget and what you are most comfortable with.

That's just my personal take on the matter and what I'm personally comfortable with...you should definitely do what you feel comfortable with at the end of the day.

My plan is to stay under $350000, but would feel more comfortable around $200000.I do not want and do not have time to hassle with with renters, so would like to have it in areas where renters are more reliable.

It sounds like once the first deal is done and, the platform your using to raise money is comfortable with you things are gonna get good.

On $120,000 @ 70% LTV for an investment property I can finance $84,000 (unless someone can point me to a lender that will do 80% LTV for a 30-year fixed rate cash-out refi on an investment property).Therefore;Investment: $73,341.45 + $25,000 - $84,000 = $14,341.45Income: $1650 x 12 = $19,800Expenses: $6,891Mortgage: $84,000 @ 4.875% = $444.53 / mo = $5334.36 / yearCash flow: $19,800 - $6,891 - $5334.36 = $7574.65ROI = Cash flow / Investment = $7574.65 / $14,341.45 = 52.81%Now obviously this might change depending upon what happens, but I feel I've given myself a comfortable cushion to make "newbie" mistakes on this deal.

My wife has to be comfortable with downside risk or no deal.I love the idea of keeping the thread alive with updates.  

But, this is a major decision and I can see how some technical analysis or insight would provide some comfort in your decision.

After the all the research is done, It always comes down to comfort level for me. 

If the property will comfortably carry a 70% ltv, take the money out and go shopping.