Hi @Loreen Flaherty - I worked with Norada in March 2016 to acquire a property in KC.

Age/condition of major items when you acquire.

I currently own one out-of-state rental property and am planning to acquire another.

During the recent period of low interest rates I acquired some rentals with a 15% down payment in order to stretch my cash further toward down payments on additional properties.This helped with the down payments and my math showed that even with a little higher interest rate compared with 20% down and the PMI until I was able to remove that this would still be the wiser choice. 

@Jaekwan Lee see copy & paste below:Purchase Agreement Clauses for Buying Tenant-Occupied Rental If you’re considering buying a tenant occupied rental property, there are some documents you want to acquire for review prior tothe closing.

The pitch was basically $15,000 for 0.5 acre parcel on an under-performing commercial coffee farm his group acquired with the expectation of a conservative 13% annual yield.

To be successful, research the market, undertake neighborhood analysis, form a local team, connect with investors, budget, acquire finance, use technology, manage risk, start small, and take a hands-off attitude.Good luck!

Learning the basics of electrical , plumbing , AC , painting etc will help you in this line of business which also save you a lot when you acquire your first home.This is how I got started , maintaining the rentals of my uncle  when I was your age. 

When this thing turns around like it always does, you will be happy that you at least acquired the property. 

I acquired a 4b sfh through an online auction about a year ago and completely gutted the home and upgraded mostly everything.