Financing confirmation and thoughts

[David Baye]

Worry before jumping that something seems too easy yet it makes sense to me.  Here's my situation:  I have some cash but no job as I sold a business a while back.  I am looking to buy rental properties for month cash flow and I've found a market I think I can get $500 per unit so I'm looking to scale up to 10-20 units in 3-5 years.  Without a job the banks don't want to lend money.  The current thought is to pay cash for the first unit and after closing and rental agreements signed finance that unit.  Take that cash and use it to buy a second unit cash and rinse in repeat.  The cost to do this for the 10 units will be the downpayment 20% per unit (rents not considered in this scenerio).  Does this seem like the best way forward?