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.

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

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. 

Plus they have a whole suite of features that are essential for landlords. 

If the property appraises at $500K, 25% higher than purchase price, either because you bought it for less or due to market appreciation, then you essentially get all your $100K back.  

Essentially - would not recommend at all.