We have 2 San Antonio sub2 deals that are turn key homes and only require about $20-25k to close (assignment fee + closing costs).They're a great option!

I strongly recommend getting involved with your local REI meetup groups so you can work out your pitch with help from other landlords.I hope this doesn't come off the wrong way without tone or facial expressions behind it. 

I'd recommend staying within 10-15% of the median priced home because that's where the most demand will be not only for renters but owner occupants as well. 

It's obviously not a ton of money but how do you guys recommend me investing with it?

It sounds like you've done a lot of the preparation work required to hit the ground running. 

Not your debts or your income or your DTI or your reserves or the extra guidelines and underwriting and overlays that that a residential mortgage company can have Do you require a personal guarantee? 

But I recommend you study it much more extensively before diving in. 

What are your thoughts on Cleveland as a place to begin investing and What areas would you recommend I begin looking at?

At this point, I would recommend having a line of credit to cover these things so you don't have money sitting in the bank doing nothing when it could be put to work.I have 33 units, no debt except for mortgages, and excellent income.

So we shall elucidate five myths and truths about investing in them.Myth 1: Distressed Properties Are Always Money PitsMost people think that distressed properties require major renovations, which wipe out profit returns.