What tips do you have for someone just getting started?

Lau, generally if you are financing with a commercial lender- we lend for business purpose only and a rental property would fall under that category.

Locate a Motivated Seller that will consider Seller Financing.

Most ideal would be seller financing, but open to creative strategies for a cash-flowing property. 

Loads of information on the forums and BP tools for you to expand your knowledge or find just about anything.I am on the lending side of things and am always happy to talk shop with investors looking to learn more about financing options out there, even if not in my resource pool.

., the appraisal for 5+ is at least $2k-$3k) and the financing structure by lenders because Fannie/Freddie don't generally buy loans for commercial properties.So, for you personally, the biggest driver for the type of your next property is probably going to be the amount of a down payment/equity you can put in the property.

So now you need a development loan once you have your plans approved.. most folks that do land try for owner financing while they get approvals then go for 3p loan once you have an approved project or JV with cash partners.. thats what I do I am a JV cash partner no loans I dont need loans to do these land deals..

To thrive in real estate investing, you must maintain a firm grip on your finances.

I may start with house hacking to build confidence, take advantage of owners financing (this will be my first home), and to build my network first. 

While there's no strict requirement to match the original mortgage terms, reinvesting the full proceeds without financing or using leverage to enhance returns is key.If you don't reinvest the full amount, any shortfall ("boot") will be subject to capital gains tax, and depreciation recapture may apply.This post does not create a CPA-Client relationship.