Wanting to Buy Second Property

[Scott Muhonen]

Hello, This is is my first post but I am hoping to learn some new information. I bought a property this year with a friend, Its a 5 bedroom house with 3 baths, I have a 20% equity stake in the property since my friend put up the whole down payment. We are renting the 3 other rooms to friends and its covers about 80% of of the mortgage. If I move out and we rent my room out for 700-800 a month (property is in Golden CO which is a college town so that should not be an issue) we will then have positive cash flow on this property. 

I am currently looking at purchasing a second property, preferably a townhome or a condo or small apartment for under 250K, there have been quite a few for-closures in my area recently so I think I could get a good deal on a property that needs a little bit of work. What would be the best way in securing another loan, is it even possible considering I am so new to this? Let me know your thoughts I am open to any information! Thanks!!