10k in Capital. Where Do I Start?

[Corey McMahon]

Hi,

This is my first official post on BiggerPockets. A bit of background is I'm currently finishing my schooling in OREA to become a salesperson.

In the meantime, I'd like to start the search for my first rental property. I live in Welland, Ontario. I'm open to searching all within Ontario as long as the numbers add up, good area, etc.

My Goals:

I'd like a property for cash flow, not to flip (for now).

My Questions:

With 10k in capital, is there much I can do? I've just looked into foreclosures today, so that may be an option. I am also searching for condos or small apartments as most of the homes are too costly (as I don't have enough capital).

I may be able to bring in a partner to increase cap. to 20k, but that's not guaranteed. For now I have the 10k guaranteed.

Where do I begin in terms of options?

If anyone has a step-by-step plan they utilise while hunting for a cash flowing rental unit with a limited amount of capital, I would greatly appreciate any insight available.

*Other note:

I'm working full-time as well (this may have relevance to lenders).

I've watched videos online informing me the best way to run numbers and what not, but now as I begin to search for a property I feel more pressure and less certain of the outcome.

Anyways...

Thank you & I'm very excited to begin the search. 

Corey