I wouldn't recommend direct mail marketing if you only have $10k. you'll spend all your money generating leads and won't have any money to close the deals you find. when I started i had $12k saved up and bought a 3 unit property for $122k with a 3.5% FHA loan. this has allowed me to live rent free as well as cash flowing about $200 per month.

My wife and I just purchased our first home and now my work is sending my family overseas for 5yrs where we will live rent free.

Same structure - assume it magically transplants such that one is in the midwest (LCOL), and the other on a coast in a HCOL. 

I would look at a 2-4 units for an FHA that way you can live rent free and still cashflow

I did find one or two in Aberdeen, but they wouldn't necessarily cash flow when I plug in all the numbers (Which, is that a bad thing if you just break even and can live rent free and bank your money for your next property?).

I would recommend you eat, sleep, and live real estate until you have the knowledge and confidence that people are asking you for guidance.

Question 2: Did you grow up here or were you a transplant?

I live (rent) in a very expensive housing market and will likely continue to rent in the near future as it allows me to live within walking distance of work.  

Then, when the units get rented and I live rent free, I can pay them back and it's like free money to borrow with no interest.So you CAN and SHOULD get started as soon as your comfortable with getting started.

If you can live "rent free" and make 1% return on the remaining units, that sounds like a great deal.On the flip side, if your expenses on that property are $3,980, I think it's a "bad" deal and I wouldn't do it.Make sense?