The majority of people I know spend far less on an investment. 

Unless the property is located on a major thoroughfare with great signage you'll probably be closer to $75-$150/unit to do it right.Finally, have you checked with your lender to see if they will allow the subordinate seller financing?  

Seems like a stall-tactic.

Before you do any of that you need to decide what the comps are in the area of recently sold homes similar to that one.If the house needs nothing I highly doubt he would accept 120k for it unless it needed a lot of major repairs.. 

@Jeff SchaferI don't think this is going to have any drastic effect on the market, as these rules have already been enforced by majority of lenders. 

I would just like to know how everyone else started off, as the chances are a vast majority of people reading this will have once been in my situation.Any advice on what i would need and what options are available for people my age would be greatly appreciated!

@Mike Osterman I'm looking in several of the stronger south and southeast markets, but my primary focus is on the major Texas markets. 

You could do a paint only flip and have it back on the market in a month or you could do a major addition and target March or April.

For me personally it is 3 minutes to Red Rocks Open Space, 5 minutes to Garden of the Gods, walking distance to Bear Creek Park, and 15 minutes to all the other major trails.

It's somewhat difficult to do in my market because the majority of the subdivisions have strict 'No Solicitation' rules.