Welcome to Bigger Pockets Ray!

I recorded a podcast last week with Dave Meyers and Henry Washington of Bigger Pockets.

I see you are in Seattle, James Dainard Cohost of the Bigger Pockets On the Market Podcast does local events and meetups.

So if someone tells you, it does not matter about liens behind you - it does.There’s one more ; the borrower has increased debt service and when it either turns negative or leaves nothing “in their pocket” they may lose interest in the property, decide to stop paying all mortgages, and put whatever income they can into their pocket until they lose the property to foreclosure or one of the lenders obtains a court order prohibiting such.   

There's nothing left to cover expenses so you better have deep pockets to cover maintenance, admin, turns, etc.If you think you can quickly improve rents to a point that covers your expenses and pads your pocket a bit, then maybe, IF it hits your return threshold.If you're buying cash, then the mortgage is not a factor. 

@Derek LeggettWelcome to Bigger Pockets.

And if you want to be in real estate, while I normally don't tell people they should get their license to be an investor, if you are a good marketer and networker, getting a license can be a good way to pocket some extra money on weekends and evenings, while learning a thing or two about real estate.  

I don’t want to do anything questionable and want to come out of pocket as little as possible.

Quote from @John Mason: Karan Welcome to Bigger Pockets and I wish you all the best in your investing journey!!

I agree with the posts above, save money and make yourself someone people want to lend to.  35% equity with no money in your pocket isn't a good deal for a lender.  35% equity on top of a 25% down payment with 6 mo of reserves in your pocket is probably a much better deal for a lender.