I just used cash to build my first 3 specs no loans at all.. once done and sold then I went to lima got one loan from them.. then went to local bank ( much much cheaper) and got a 3 mil  guidance line and went on to build 30 or so in charleston.. you have to prove the model.. its not like buying a rental where lenders look strongly at your fico  fico is required but not the main consideration like and investor loan and all you need is 20% down or 30% down and a few bucks in reserve that wont fly with spec loans..

It is an area you are likely more familiar with and closer to which could be helpful for your first investment and as @Sarah Kensinger metioned, you may be able to do a MTR.  

BTW, the rental property is cash flow positive.Good questions @Bob DoleJust a quick not to clear up any confusion, Flips are not rentals, and as a result, don't depreciate.

These are professionals with additional training and a stricter code of ethics.

Now, over a year and a half later, he sent a certified letter last week demanding the security deposit or legal action within 30 days.Please advise. 

Hiring a contractor to assist with repairs and a property management company to manage rental.

I am guessing that the vast majority of homes 10+ years old had some sort of water damage at some point, most had probably several.My own home is only a few years old and we had the washer spring a leak and a few years later the RO system in the kitchen started leaking into the cabinet.Seller disclosures are pretty useless in my opinion.

I just know I don’t have the knowledge yet to find a deal and a lower price point is appealing for sure.

And as more happen, more will happen just out of FOMO. 

The issue will be if you have a number of rooms and a single abuser.