Get out there and look for a 2-4 unit and use an FHA. your looking at aprox 5% of purchase price cash to close(depending on closing costs obviously)  go grab a 4 unit for 250 (not sure your market) your looking at 20sh down, you will still have 30K for repairs/reserve/ next purchase!

If you're familiar with Dutchtown, and have the reserves to cover unexpected repairs, and the guts to deal with tenants while you clean the place up, I'd say go for it.

For that most lenders will want to see 25-30k for your down payment as well as some in reserves but it will always vary.Feel free to PM me and we can talk more!

Reserves for maintenance, improvements, down payment?  

Just make sure you put it in your lease so your current tenant knows you reserve that right.You may take a flyer to the corporate offices.

Always have a reserve fund. 

An experienced builder, a track record with the bank, cash reserves, plans, specs, budget.They require a little MORE from you, but their rates are LESSAs far as banks around Metro Atlanta, GA Check out Quantum Bank, Bank of North Georgia, and Hamilton State bank.  

Maybe I'll just keep it as a reserve for now in case I need to play that card.

I've had people try to withhold a reserve until the final inspection and I don't allow that.

Lender reserves 165,000, legal,loan and closing 50,000.)