HELP!!!!!

[Veronica Roye]

Hi, I am new to this site and to the world of real estate. I need serous help. My cousin and I are interested in REI properties but have no clue where to start. I know knowledge is power therefore I need all I can get.

I live in New York City and we are considering properties in upstate NY near universities. I hear there is a big return on properties such as these.

Some things we need help with:

1. I am a first time home buyer, is it smart to invest in property that I will never live in?

2. How much cash would we need to invest before securing a loan (we are looking for fixer uppers, price ranging $5-65K)

3. Do we need a loan for property that is so inexpensive?

4. How do we find out the property tax rates?

5. We are planning to purchase our first property in about 15 months, is this a realistic time frame?

Thanks

Veronica