.- needs $20,000 (rough estimate)- both units would rent about $1,100- ARV $200,000 (rough estimate, based on similar properties around it)I guess my biggest concerns are the repair costs and ARV.

Leverage is our biggest friend when used wisely :)

I've recently come to the conclusion that mold is the one of the biggest hustles in the inspection/home reno business b/c I see "mold remediation experts" charging tens of thousands of dollars to remove "mold" that isn't harmful to 97% of the population...but I realize that is an unpopular view.Anyways, about to close on a house that has a musty smell to the basement and likely some mold down there, so I'd be curious how you treat your properties with that issue - after buying them for a steal ;)

At your stage, invest in yourself and find a way to earn while you learn (return on sweat for now, return on investment later) ... no downside risk and infinite upside potential ... that will put you in a real solid place in the future on where and how to invest to max your profits while insulating yourself from any reasonable downside risk the market may throw at you along the way.

The biggest piece of advice I would give is to utilize the $10,000 towards your down payment and rely on the 203K to fix up and buy the property.

The biggest road blocks for me, seem to be the best way to find properties(Or what works for you) and ways to obtain financing on properties off the MLS.

I am a mechanic or engineer- my background is in the construction fields, I owned my owe business for 12 years and lost it all in the last market crash and said I would never do what I did before- now I am at a hospital working in engineering- I do have a rehab but my stamina is a little less than what it was 14 years ago- I'm thankful for my day job but I know its not where I want to be so I feel the pain- the biggest thing you got to do is find the right deal- something your day job can afford ie.. rehab, foreclosure a deal that makes sense- bite the bullet and buy it- you will have to get dirty, do the work your self and don't fall in love with the property, find the best market move for it and get rid of it or keep it as a rental, do it againkeep crunching numbers and looking at properties one will be there for you there everywhereGood Luck!

I would imagine taxes would be the biggest portion

i have an accounant with wells fargo for 16 years and they acted like it wa he biggest deal in the world to give me a cashiers chec for freey d

If you can borrow money at 6% from friends and family, that's a great rate - Hard Money lenders typically charge 10 to 15% (and also charge points up front).I would guess the biggest pitfall of borrowing from family and friends is if the deal went poorly and you weren't able to pay them back, as it could damage relationships.