@Tyler HuntingtonI will assume your pro-forma on the expenses is accurate, and there are no common areas where you might need to pay for electric to a light or two; tenants pay for water, sewer, trash, etc.My suggestion is to look hard at your acquisition costs.  

I keep suggesting what Dave Ramsey teaches...you want to get Debt Free first.

I'm aiming to start with a simple paint and carpet rehab.  

It's very reasonably priced and loaded with simple, straight-forward tips. 

I second the HH Gregg suggestion.

(The second story is another commercial space but is unoccupied.)I have been approached by the mortgagee (a private lender) to suggest a deal that would enable me to acquire the building.

Any other suggestions you have?

Also, try your best to close on every deal you put under contract or you might start to get a bad rep in your area.As far as being a broke newbie and mailing/cold calling here is my suggestion.

I would suggest to read and listen to as many of the podcasts as possible.  

All,Need your input and suggestions what my course of action should be.I recently signed on my first investment home.