Overall, it's a great idea/theory, but execution has gotten much more difficult between regulation and market saturation in some more popular areas.

Popular neighborhoods include Lakewood and Casa View, but larger multifamily properties can be expensive.

I would also be weary of the alternative lenders who provided your pre approvals without the equity source lined up.

As an alternative, you can also look for a private lender.

In the Midwest, Cleveland and Detroit have been popular with investors due to lower entry prices and strong potential for appreciation.

I have been pondering alternative ways to fund my first investment property. 

Long story short, sold my home on 40 acres and business, made a nice profit, met an amazing man who is a contractor, got married, sold his property too and we moved to the high desert of Central Oregon near a very popular year round resort town.

But since this is off the beaten track, it is not straightforward finding alternative brokers or agents to help.So if you are a broker or agent that has some experience with this, or know of one, I am interested in discussing, or in getting a lead/some contact details.

Milwaukee seems to be a very popular place for Californians to invest. 

Within those cities, I am targeting assets in central business districts (CBDs) and popular entertainment areas where large amounts of people congregate daily.