Essentially rolling that equity from each property into the next one, with a cash out refinance each time? 

Networking, Valuation, and Market TrendsBuilding a robust network is essential for thriving in the competitive land investment market, particularly in high-demand areas like Paradise Valley and Scottsdale.

Basements are essential for value in Wisconsin so I look at sitework costs and land conditions very closely. 

What are the essential first steps I should take to start this business from scratch?

In the future, if the only red flag is a house fire and hotel situation, you can always make a public records request on the former address at your police and/or public safety administration in your city/county.

The fund could essentially pay no preferred return/dividends to the LPs (Class A Members) during the holding period and then upon a Capital Transaction the GP (Class B Members) would still be entitled to receive 30% of the distributions, simply after returning the LPs initial capital contributions.

As Shane mentioned- There is also the "Heights Belt" - Garfield + Maple + Warrensville Heights that essentially always have a decent single family property to pick up.

Total disclosure is essential, however it is often downplayed.Yes, the seller is at great risk.

@Austin Berlick,There are essentially two ways to outsource the grunt work of “landlording”—unfortunately, both will eat into your margins.The first is to hire a professional property management company—this will cost you between 5% and 15% of rents, plus surcharges for out-of-scope services.

After you have that initial call with our team, drop me a message so we can connect directly to make sure you have a clear vision on what the next steps are to accomplish your goals.Regardless of how you ultimately decide to get started in REI, the first investment property is so essential to get under your belt mentally & emotionally.