Investing in Real Estate w/$20K

[Alex Ray]

I have $20K saved up and I would like to get into real estate investing. The houses in my area are affordable, but everything in this price range ($0-$20K) is in poor condition and located in depressed parts of the city. Although these properties are not inherently bad, they are rent for only $700-$800 per month, they need a lot of work, and they are notoriously difficult to secure.

Does anyone have suggestions on how to get started in real estate investing without purchasing low-end properties? Should I consider alternative real estate investments such as land or office condominiums? What can I purchase within this budget without resorting to "ghetto" properties?