Do you need to build up cash?

Yes it maybe in writing but let the ink dry and you will earn.

It also helps to build up a variety of team players for your future endeavors by checking out the company page here on Bigger Pockets to hook up with a few professionals in the area you need team support in.

If you look at the big things that could break in the next 5 years that wouldn't be due to natural causes like hail, you might want $10-$15k in an account to start out with that is available IN CASE something goes wrong before you have brought in a decent amount in monthly cashflow to build up a reserve account. 

Though, if you still need to build up cash you may need to give it some time and/or try something else like wholesaling before you start buying and holding.

IRR is going to be higher than the cash on cash return when equity buildup is factored in.

@Kyle Ferguson If you're not ready to buy and hold, you'll have to build up cash first.

Make sure they have a note and it is signed in blue ink so that you know it is an original.

Many wholesalers start out with little money themselves and are trying to build up capital to do their own buy and hold.

Seems like being a good agent is really a relationships game and it might take a while to build up that base.