I like to copy an existing success to minimize risk.

Your purchase agreement should be conditional upon financing in the future to protect yourself as many things can delay loan processing.

Well, I didn't actually rehab it, just found a good undervalued property and raised the rental to what is still below market (I didn't want to kill the tenants in the first year).Numbers looked like this:Purchased for $71k cash; raised rent to $1,000 from $830 in July 2016; minimal repairs; appraised for $110k; cash out refinance for $82k; payment $515 incl escrow; will raise rent to just below market to $1,150 at renewal.Atlanta, Marietta, Kennesaw, Georgia

the annual cost is pretty minimal for the potential value. 

Sometimes damage from flooding is minimal at other times it can be very costly and make a home nearly unlivable without a very expensive restoration.

I have the ability to completely wipe this debt but I also do not want to part with all of my capital as it will delay my ability to invest.

It's been going well for me so far with minimal effort as mentioned above.  

It's called "Delayed Financing".  

Your cash flow (if financed) will be minimal due to buying at market price/CapEx7.

They filed bankruptcy which delayed the process and the actual discharge wast' until June of 2016.