The seller wants $500,000 down the operating cost on the property runabout $8500 and the seller wants a $9000 payment each month.

This strategy allows you to spread out the lead removal costs a bit perhaps not having to remove Lead from two out of three units, and only removing it from the unit where you happen to accept a tenant that has children.  

With $50K, that would be a purchase price of about $250,000 not including closing costs and repairs.

A current goal, would look more like “Save x amount for DP and closing costs for first property.”

Taking over his already paid down loan at 3.5% for 28 years saves a ton of money and no bank qualifying or lender costs.

Also its a small home which still have high maintenance costs.

Hi all, Do you know any free or low cost app for property management that has a daily late fee charge options?

You'll want to be in markets where deals beginning to end cost 20k - 25k for maybe a 4 - 6 month project close to close. 

You'll also want to ensure you have a good property manager to look after the upkeep of the property if you are not there to notice anything deteriorating or which may need attention.Creating an LLC in California could cost you a minimum tax of $800 every year.

Quote from @Bruce Cook: You should hire a professional property manager before you make a real mistake that costs you tens of thousands in losses.