I started real estate in 2005, bought multiple properties (high-interest loans, arms, etc.).

Learn how to replace the dryer thermal fuse, the door safety switch, and the belt. 

Nobody can predict when and how the market cycle will drop, but leveraging yourself up that much with minimal/no cash reserves and no REI experience at a time when the market is already very heated is a risky proposition and one you might want to consider building in a little safety net before jumping in. 

Contact Crowne Property Management (in Union) (www.crownemgmt.com)Arkad Capital (in Plainfield) they now have a property management arm. www.thearkadgroup.com - Tell them Tahra Wright sent you!

Challenge: Seller not negotiating even after inspection report showed areas needing immediate attention (for safety reasons) Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

They will do 1-4 Family Investment loans with 30 year 5/1 ARM. 

I went under contract a month ago and began my search (armed with BP advice) on the questions to ask to find a great manager. 

What would be a good capitalization range.I assume there must be some rule of thumb like [Purchase Price] * [%Down] + [Closing Costs] + [Some Safety Net] = RequiredCapital before purchaseIs there any advice out there for a newbie who fears jumping into a deal undercapitalized and being ruined by the first big expense while also trying to get into the game ASAP?

Notwithstanding, we as investors must put in place several important safety clauses to protect our interests.

Simple things like inspecting properties regularly for safety hazards.