Split LP Structure: Im sure you are aware of a recent change over the last year or so is that several sponsors have began offering split LP structures with Class A (Higher 10% pref, Higher Min, no upside) and Class B (Lower 7% pref, normal Min, More upside IRR/Eq Multiple). 

When you have a few properties under belt and they see you are becoming successful then they will show interest.  

I am looking to acquire my first deal locally, and then maybe once I get some landlord/Property Management company experience under my belt, I would like to branch out and start looking into long-distance real estate investing through turnkey providers, or whatever the best way to do that would be.At this point, I am still saving for a downpayment on my first rental property, and looking to team up with lenders, an investor-friendly real estate agent, property managers, contractors, and all the cogs in the gear that make the wheels spin so seamlessly (I'm sure I left a few things out.)

I believe once you get your first deal under your belt you'll have so many doors open for you - how exciting! 

(We also were conservative in our new home purchase and are able to cover both mortgages, though we've tightened our belts more than we would prefer of course.)Anyways, we did immediately get an offer on the house, which we took after minimal back-and-forth negotiation led to an agreed-upon price of $112,500.

Welcome to the BP forums and to the world of Centuried Homes -- those that have more than 100 years under their belt. 

I only have one flip under my belt, but have been a realtor for a few years and have tons of connections with vendors and contractors to get this done quick and cheap.

Sure, there are plenty of places I wouldn't venture because of crime statistics, but here in the Rust Belt one can't be too choosy if one wants to build their portfolio without a massive (i.e. $5mm or more) bankroll.

At some point in the future, I will invest in San Diego county, but the first one is just to get the experience under my belt -- the buying/closing process, becoming a landlord, etc. 

Only have one property under my belt.