Self employed , $15k, good credit - enough to start?

[Michael Jenx]

Hi,

Newbie here. Literally found the site whilst researching Ramsey vs Kiwosaki about DEBT.

I am self employed, as a business and product consultant, my income is wildly unstable. Some good months, some slow months.

My credit is excellent.

Question :

Based on the above, is it possible to begin investing with say $15,000 as a down payment ( I'm thinking of using my 401k/IRA) ?

The question is about the ATR/Ability to repay requirement on a loan, as well as a TIMING question.

I live in Orange County/ SB county ( southern California).

Is this market too hot to start, and should I wait for prices to drop? 

I was thinking about a small fixer upper townhouse to rehab and rent.

Wise advice appreciated.

I'm sad that I found out about Kiwosaki only a week ago, and this mindset of making money work for you, via real estate rentals.. and in my mid40s have lost a lot of time and missed the bargains of 2011. Hoping to catch up.

Michael J.