Ultimately I want the property to land on a 30 year fixed residential loan.Just the word "condo" gives me fits, but that is based on experiences in different cities : )  My guess is that 2-4 units would make the most sense, but I really don't even know the housing stock in the area, thus the trip.  

Please feel free to suggest any changes you see fit.

"Yes I wanted to be a real estate millionaire, and no I didn't have any money," so this was a perfect fit!!

My ideal budget would be no more than $300K, but at that amount I am looking to make a good $800.00 in profit monthly if rented out.

The bank that I deal with, you must wait 6 months after you purchase the property in order to refi and use the appraisal.

Get a farm list from a local title company to find out what properties fit those criteria. 

I let the tenants use that to salt the walkways or steps as they see fit. 

This is the ideal, safe place to make some calculation errors.

That and talk to some agents like Rhett to help look for properties that would fit your criteria and help you develop your plan. 

You have to be able to scrutinize every property and make sure it fits your goals, is within your budget, and makes sense.