Able to get the home, which will have $200 after PITI. However, if I do this, all of my reserves will be depleted, meaning no funds for "what if costs". Do I step out for the experience and to get started, get a line of credit to cover emergencies, wait for "something better", etc?

Do you have good credit? Could you take out a credit card and use that as an "in case of emergency card"?  

@Eddie Bridgett Jr - It depends. If the property is turnkey i.e. fully rehebbed with all major items like roof, plumbimg, electrical and mechanicals etc. updated you may need very little cash reserves at least initially for a few yrs so you mighe be ok. Having said that I would recommed having some cash as reserves or have way to pay for things in case if something comes up with the rental or in your personal life for that matter. You dont wanna be in a situation wih owning a rental producing $200/mnth in cashflow but eabsolutely no money in the bank for anything else if something comes up. At least imo

@Eddie Bridgett Jr Not a good strategy. Wait to accumulate more savings. Properties are not running anywhere Be patient and your rentals will be a blessing

I appreciate all of your responses, I just don't want to miss buying, then have to wait until the market gets going again before banks are funding deals, especially in my market.  

Originally posted by @Eddie Bridgett Jr :

Able to get the home, which will have $200 after PITI. However, if I do this, all of my reserves will be depleted, meaning no funds for "what if costs". Do I step out for the experience and to get started, get a line of credit to cover emergencies, wait for "something better", etc?

 Whats the situation with the house? Is it in a high risk area? If yest the likelihood of emergencies is much higher than a suburban bungalow of some sort. 

James, the house is recently repaired, but I am more concerned with the " what if costs" late rent, move outs, etc.