Hi there my name is Mike and I am going to be a first time home buyer.I just got half my inheritance and want to acquire a cheap condo/apartment preferably under 100k in Dallas-Fort Worth, TX.

Commercial purchase prices are super cheap. 

I was able to buy them cheap and build a lot of equity which I currently gross $4,600/month and my current net is $2,800 after insurance/tax/mortgage/utilities...

In my opinion money is as cheap and easy to come by now (and as insignificant to boot) as it has been at any point in history (outside of the textbook hyperinflation cases). 

WHile 5-6% is still cheap, its still nearly twice the rate of hte fha. 

Val can tell you - travel 2 blocks one way and things can change drastically.  

Find an area that will attract travelers and buy a couple of STRs, then refi and buy more.

There are plenty of owners and managers out there still doing well with second hand furnishings and providing the bare minimum accommodations to budget travelers or short stay tenants.Once you figure out your niche in your market this answer will reveal itself to you.The key to quality vacation rentals that are more of hospitality experience is in the operations and management.

In our area traveling a few blocks often makes a big difference, houses 14 miles away have no correlation at all. 

I am handy and was able to do the repairs for cheap, but I should have valued my time more.