Extremely New to REI and just need guidance

[Joe Young]

Hello Bigger Pockets World!,

My name is Joe I am 30 years old and I live in Atlanta, GA. Despite the fact that my family owns and rents several properties here, I am new and interested in getting started in the investing world. I work for the City of Atlanta and I do not own any property at all. I have recently been pre-approved to buy a house using an FHA loan, but the minimum amount for the loan was for $70K. It's not that bad for long-term investing, but I want to be able to get properties that are more so in the $30-40K range and be able to rent them out as an income producing property.

I guess my question is, is this even possible to get a loan that low? Would I have to find a Hard Money Lender for the initial purchase and then refinance the property for a longer term to keep the expense down and potential profits up?

I honestly don't know where to start. No one in my family that has income producing properties has a mortgage on their properties, they bought them cash. I, on the other hand, do not have that much cash. I have No one to help me, but I have a very strong desire to get things started and to set myself up for long term success. 

Are my goals possible? Or should I just wait another 5-10 years until save $30-40K like everyone is telling me to do and miss out on the last few good deals that are out there?

I just want someone to be real with me and to point me in the right direction.

Thanks for listening.

Joe Young