If someone can't pay the deposit up front, 9 times out of 10 you shouldn't be leasing to them.

I’d do a cash out refi and use all that cash to buy as many C+ class rentals as you can with 20-25% down.

A good option might be a hard money loan for the front end at high leverage (15, 10, or at most 20% down) and then adding value and pulling out equity via a DSCR cash-out refinances qualified with AirDNA projections. 

Your ONLY cost in a rental is the cash you come up with. 

Does it cash flow positively or is it all "upside?"

Purchase price: $174,000 Cash invested: $21,000 On-market 100 year old home, purchased from the MLS.

Purchase price: $213,000 Cash invested: $13,000 This is a Townhouse located right outside of Forman university.

You don't make enough to pay lawyers, fines or anything else from your cash flow. 

The cost of make-readies can eat up a year's worth of cash flow.

Cash flow isn't amazing in San Antonio...best on-market properties are hovering around breakeven, as you can see from the "Cash on Cash" tags.