Buying my first rental property.

[Susan Little]

Hello All: I have been working successfully in residential real estate and am ready to buy my first rental property. I am definitely starting small so I am looking in to out of state markets. My question is about foreclosures. I must say, there are so few of them in my market that I am ignorant when it comes to the pros and cons. I was thinking I should start by buying something turn key for my first, but wondered if anyone thought there was an advantage to buying a foreclosure. Are most in pretty bad shape? Does it have to be an all cash purchase? Thanks in advance for your insight.  So far I am considering the Pittsburgh, PA and Cleveland, OH markets.