Can you truly get ahead by buying turn-key homes

[Christina Tkacs]

I want to write the title in quotes because it's not like I had much of a strategy to start with. I bought a duplex and a turn-key SFH at a normal price for houses in the area. Both were conventional loans with 25% down because they're investment properties. All three doors are rented at the high end of rents in the area.

I can't keep paying 25% down on homes - it's cost me nearly $160,000 cash so far and of course that money is all tied up until it makes sense to refinance. 

Am I missing something, or is buying a home at appraised value an effective strategy?  It's killing my savings account.  25% down is a lot of cash.  I want to buy another house as a short-term rental, but I don't want to tie up another $80,000 in cash - I'm not that rich.

(I'm looking to BRRR at some point as soon as I can catch the deal fast enough)