You are in the right place- there are plenty of free or low cost resources on this site that can help you determine the kind of real estate investing you want to do, the area you want to be in, etc. 

Brandon's got a book on Investing with no or low money down, you will see there creative ways to fund your investments if you are low on funds.

However, I would argue that a healthy level of debt gives you flexibility to grow faster and build more wealth over your lifetime.Leverage is a strategy of using borrowed money to generate large investment returns.

Maybe $20k if your rehab is on the low end.

@Bonnie Low.

My level of knowledge with real estate investing is limited to the two home purchases and one sale.

Factors like low unemployment, several major employers in the area, good rental demand might help me determine whether to purchase in a particular area.  

The property values in Milwaukee are still quite low.  

Which in this case is likely close to par since the LTV is low.  

ONLY focusing on your preferred/necessary number, and being able to justify low Offers to Sellers, should become easier the more times you make Offers.If the numbers and/or your finances don't look comfortable for you at $38k, learn to say: no.If you end up getting every property you make Offers on, what can I say?