The taxes should be pro-rated to the day of closing or if you are not pro-rating you should at least know what that amount is as it will reduce your potential future profit. 

I have no idea how much I'll need for my first investment, but I have met potential partners.

I recently found a private money lender with the potential of funding my real estate deal in which is in its early stages.

It's a great cause to support and it's also a great selling point when telling potential new tenants how great your building is. 

I do not go below 8.34% (one months rent) when analyzing potential deals.  

The other unit was renting at $1,500 a month (fair market) and he lowered it to $1,200 for the new tenants, and those rates are locked in for potentially 2 years if they renew their lease. 

A lot of owners there and a quick pitch at the end that you're looking for off-market apartment buildings could potentially get some leads.

Hi BP,I’m looking at a FSBO property that has potential and analyzing the deal now.

Once I hear tenants or even potential tenants asking for upgrades, it's a bad sign...in my experience.

You will be much better prepared to build that killer team for OOS after you have acquired certain knowledge that is best learned hands-on 3) Local provides the potential for owner occupied which has better loan terms (lower down payment and lower rate).  4) Local provides you the best opportunity to be an "expert" on the area.So if I were you I would wait until after I pick where I am going to live before purchasing.