The second position lender will get nothing.

Additionally, it's easy for a house on one lease to get absolutely trashed by the renter.

@Robert StephensonIf you have enough equity in your primary or rental you can get a HELOC or HELOAN and use the proceeds as a down payment to buy another rental.

You are 18, you shouldn't be ready to buy a property yet.

Based on what my real estate agent thinks that this quote will be, roughly, and the after repair value, it looks like I could buy this property in cash, spend a month or two fixing the damage, and then put a mortgage for roughly 1.6x what I paid for it and thus have a cash flowing property at a few hundred dollars per month and a little more money in my bank account ready for a down payment on the next deal.

To be more specific about what i'm looking to do: My 1-2 year goal is to employ the BRRRR strategy with SFHs and Condos by buying distressed / highly undervalued properties that need work (preferably all-cash) in low crime areas with strong rental demand, renovate them within budget (again preferably all-cash) and get them rent ready before refinancing them at the highest ARV possible.

Quote from @Andrew Steffens: The pics we take when a property is at its peak of readiness, are the ones we keep. 

I currently work with investors who are looking to invest SFH/LTR that are turn-key ready and manage for them on the back end, so I see a lot of benefits in that market across the board. 

If you want to connect buyers and sellers together get a license.New York has the most stringent rules for real estate.

I am about ready to just manage myself from out of state and have a couple of local handymen help me out when things come up.