Earnest Money DepositAnd if you want to cover all your bases, you can also consider saving for an earnest money deposit (EMD).

Right now, the best offers around me are for some 1.3-4 million, that only generated around 100k per year gross, so there would be a high chance of not cash flowing, and paying money, especially with a commercial loan (these buildings have more than 4 units).I was thinking that although the rental itself does not generate money, I would be able to deduct the mortgage interest, and depreciation from my personal w2 income and would be net positive.

Or should I wait it out a couple of years until I have a larger amount saved up.

Real estate investing is forgiving; the average person can still make money even with some big mistakes.

(saving the money to have your own deal is the worst idea)

I recommend two accounts: checking and savings.

I would focus on saving enough money that if I had a deal go bad, then that money I saved was there to cover it. 

“I guess I missed my chance looking for a private money lender because a hard money lender was interested in my deal.”I don’t understand this—what does one have to do with the other?

He has been saving his money for years and has plenty of money saved but no experience with real estate investing.

I have had my butt saved many times by attorneys and I am grateful for that.