Now consider this: all the groups people are spending fortunes to target—foreclosures, absentee owners, probate leads, tax liens—what do they have in common?

They also handle legal matters, like making sure the property follows the rules or dealing with evictions if necessary.For finding deals, I recommend starting by connecting with investor-friendly agents in your target market.

This targets family’s between homes, either because they just moved to the area; have a definitive time work contract; current house is being rebuilt/remodeled/repaired; students with “rich” parents; recent separated/divorced who needs space for children visits; Houston medical center stays; etc.  

My wife and I have overhauled our personal budget to reflect the 'pay yourself first' approach (allocate in order: income comes in -> invest -> donate -> fixed expenses -> variable expenses -> fun $$).We are looking to see what experienced people generally recommend for a holding tank for that 'invest' allocation while we target our first real estate deal.What financial vehicles have you guys used that works well for this?

Targeted Facebook ads or Google Ads will speak to your ideal tenants.Incentivize Referrals: If you don’t already, consider offering your current tenants a small reward for referring someone who fills a vacancy.

Do you have a/some target area(s) in mind yet?

Here’s our OPINION for the Metro Detroit market (use as a template for your target area!)

How do you determine a reasonable target return?

Whether you’re targeting strong cash flow or long-term appreciation, understanding the dynamics of each neighborhood is key.

This would give an initial rental rate, and then step up every 3 months slightly until you reach your target rental rate.