Hi all - I am about to embark on my first (true) rental property.

Each person wanting to embark on this should consult their state department of finance or who ever controls mortgage activity .. give a letter in writing as to your proposed business model and have the state right you back with what's required.. very easy to do usually cost a few bucks..

@Griffin Ashey I think some initial questions you should be asking yourself, in no particular order:-Buy and Hold, or Fix and Flip-SFH, Multi-Units, or Condos-How far will my current funds take me, and what do I want my holding costs to be.I think as you embark on this new endeavor, you always want to have some cash reserves in place.  

@Kevin SmithWelcome to the vibrant BP community, where you will find like minded individuals committed to REI and also helping others succeed.Below, are links to your three areas of interest.http://www.biggerpockets.com/renewsblog/2013/02/22/buying-rental-property/ (how to buy a rental property)http://www.biggerpockets.com/renewsblog/2014/01/07/flipping-houses/ (step by step guide to flips)https://www.biggerpockets.com/renewsblog/2015/01/31/ultimate-beginners-guide-real-estate-wholesaling-2/ (Ultimate beginners guide to wholesaling)Your time on this social media site will be well spent.You have taken the 1st step by announcing your readiness and commitment to embark on a REI career.Whether you pursue, wholesale, rehab & fIip or buy and hold it's up to you to decide.The bottom line is that you must take action to start.

For instance:"When embarking on the quest for small multi-family properties, utilizing the Multiple Listing Service (MLS) emerges as a primary and advantageous route.

Good luck on your journey if you chose to embark on this though!

I am happy to discover that many others on this site have also experienced or are embarking on similar adventures.

Yes, its very normal to be scared and excited since you are embarking on a completely new terrain.

However, we're eager to explore ways to maintain cash liquidity while embarking on renovations.

The benefits are the same for anyone and everyone who embarks on making real estate investing a strategy to obtain long term wealth and saving for retirement as well as profiting as in any business could do so.