Hello! I am new to the investing world and have a few questions about buying my first rental property. It will be the first house that I have ever bought and I don’t have plans on living in it. Looking to purchase a 2-3 family unit. I have 21K in savings that I would like to invest. Is that enough? Is that too much to invest at once? My goal for the rental property is to make about $600-$750 a month cash flow. Is this a practical goal? What would you do with 21k? Any information helps! Thanks for your time!

Curious why u do not want to owner occupy? Lower interest rates / lower down payment requirements are just 2 advantages of occupying prop. When you do down payment requirements are only 3.5-5% allowing you to purchase quicker and often as you repeat the cycle. 21k should be ample depending on your avg price point and your objectives.

Rental property will likely require 20% down, you also need cash to cover closing costs. You will be looking for something under 100K purchase price.

I don't have much experience, but I'd say do FHA loan, live in it for a year and you'll have plenty of money for that. to make $600-700 net you'll definitely need a trip/quadplex. or an extreamly good deal on a duplex.

@Colin Lysik I want to recommend a house hack for lower down payment. Why do you not want to live in it?

I don't want to occupy mainly because I am content where I am living currently and don't want to move out of New York City.  Is it possible to occupy a unit for one month, move out, and still benefit from the 3.5-5% down payment?  Is there a specific time period I must remain as a tenant?   

Usually it’s 1 year minimum

House Hacking almost always requires you to live in each property for a year. It is one of the most cost efficient methods as well and low startup cost. If you don't want to move you may have to wait till you build up enough equity to use the BRRRR tactic.