Split the down payment and make two smaller down payments on two separate houses, a year apart (I think that's the limitation on FHA loans).

Expenses: $2,294.76HOA/ Management: $8,267.40Total Expenses: $49,005.15Net Operating Income: $50,750.25Rent RollMONTHLYTOTAL:$7830The Issue I am asking about is that there is a 600 Unit apartment planned for a block away.

The very first viewing was a hit- family of 3, more than sufficient salary, has been in their current rental apartment two and a half years and are ready for a little more space, reliable employment.

Very excited to be a part of this community and can't wait to see what I can learn or share along the way.

You will be going into apartment renters' mailboxes along with the new families who just bought their first house.

There are 3 apartments and 3 offices. 

Self managing a facility of this size will take you as much or more time than managing a facility 10-20 times larger with a part time employee. 

It’d help if you could come up with a part time job, sidehistle or summer job that puts some cash in the bank so that you could contribute toward the down payment and perhaps have a month or two of mortgage saved.

Banks will start with smaller amounts based on your personal credit profile (and will make you sign a personal guaranty).While you want to get to 500 units - at that point in time you would be better off owning apartment building(s).

I've had conflicting advice as to buy a house right away or rent an apartment for 6 months-1 year before buying.