Also, you can possibly take equity out of your current properties instead of taking out a construction/hard money loans.Purchase and Rehab Financing:If you are doing simple purchase and rehab (not ground up), then it's not that hard to qualify and you just need to right broker/program.

Purchase price: $450,000 Cash invested: $450,000 Centrally located near Shopping, Entertainment, Transportation and much more.

How many deals have they historically reviewed to find one purchase?

Your 'cost' should include everything, from land purchase, soft costs, holding costs, and hard costs.

Don't be suckered into buying cheap properties - unelss you know exactly what you are getting into.Here's some copy & paste advice that applies to just about any Midwest rental market:--------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

But you have to purchase new investment property of at least as much as your net sale to avoid tax. 

Quote from @Armani Diaz: Hello, I just purchased a rental property duplex through wholesaler.

The first purchases are likely going to be California, Montana, and Texas.

I imagine the only way it would be possible is to do the bulk purchase in cash, sell off a couple and then put debt on them?

I have never purchased anything 'perfect' but all of my rentals could have been rented as they were upon purchasing them.