We're currently looking to purchase in Iowa, as costs are more affordable and we have parents with an HVAC and electrical company that will be a huge benefit not only from a cost standpoint, but as a resource should any emergencies come up.

If you were weak on both fronts then I would try to get your parents or other family members with more assets to sign a personal guarantee in addition to yourself .

I live with my parents and I generally don't have expenses besides personal leisure.

Just a thought, but I've done something similar to this, and we solved it by placing everything into a family trust, with me (son) as the manager, but my parent as the trustee.  

A parent?

I had to prove I had the cash in the bank for the down payment before they would approve me.When I purchased my first home in the 90's my parents helped out with a few thousand dollars.

Dave Carpenter I was a broker in Fond du Lac for 10 years, I have since relocated, one of my investor buyers parents in-law had a significant portfolio in Waupun, we discussed rents there, and when his father in law wanted to sell, we couldn't make the numbers work, due to low market rents, in les it has changed in the past couple years, that town was full of 2 bedrooms for $350-$450/mo.

The taxes, liability from transients going in and out of the property, and code violations from the city or county would be substantial.That investor might as well donate it back to the county or city and take a tax write off.

I believe it is best to do both.My parents were born during the Depression.

My parents own a few rental properties and are willing to partner with me on investments as financial backing.