Pay down debt, save money, and watch for a dip or correction. 

If I am to understand your recommendations correctly, are you saying that making 10% improvements only matters if I intend to flip the property?

So if I understand this correctly, it’s possible a lender may not give a loan if the property is a “fixer upper”, but a way around this is to use a 203k streamline and make improvements to the property?

Thank you all for the replies.

I want to rent it out to gain experience as a landlord but I don’t want to rent it for too long in fear of a market corrections/downfall.

Would I be correct in assuming I could knock the 50% down to say, 20%, to net a positive cash flow of $600/month?

I guess the correct question would be at what age of the house you sell it so it does not become a liabilty? 

But if you have a reasonably friendly, helpful clerk, that person can point out the correct forms you should fill out and make sure you've calculated the correct fees for filing, service of process, etc...

If it meets the criteria for a good investment at 310K, you are accounting for all expenses correctly, and the property is truly turnkey with no major capex in the foreseeable future then by all means go for it.  

Sorry for the late reply.