If your tenant has a Chase account, the transfer is almost instant.

Your first deal will most likely be much better with a down-payment, instant equity, and good cash flow right off the bat.  

Freddie Mac requires 2 years Fannie Mae does not you can use rental income instantly as long as you have a signed lease agreement and can document you've deposited the security deposit into your checking account.

So buying a rental property below market value and having instant 20% equity after renovations is a bad idea?

You can make it work here, just need to be creative and willing to forego the cultural standards of instant gratification.

You can run reports against each property (using the class) and instantly know where you are at for profit.

She would probably just give it to me now if I was able to show some instant cash flow.

In many industries it almost instantly makes the people doing the work throw their hands up and lose all sorts of motivation.

The work I've done on properties for investors here includes instant curb appeal, such as flowering shrubs and plants, hardscape- like paver edging along driveways and walks, and attractive stone mulch.  

As you get rolling, here are a few easy tips that have helped me here in West Michigan:-Here on BP, set your keyword alerts to 'Grand Rapids,' 'Michigan,' and the topics you want to learn about so you know instantly when people are posting about what you want to learn about.