If you are interested in becoming a landlord or buy and hold investor a great way to get started is by house hacking a multifamily with an owner occupied loan. 

There are many ways to buy cheap elsewhere but still lose your shirt. 

You could also get a line of credit for about $150k (you should be able to borrow 75% of the value.)The reason I suggest this is…1) you save $40-$60k in selling costs. 2) you have a lower blended interest rate (2/3rds at 3.25% and 1/3rd at 7 or 8% instead of the whole $500k at 7 or 8%) saving you another $1k/mo in interest. 3) you only pay interest on that $150k when you actually use it, not from day 1  Unless you hate this property, or want to buy something you can’t afford without selling, that would be my plan.

You buy today so that you pay less than if you were buying when you retire and hopefully you make some money along the way.

You don't have to buy one, you can install an app on your phone that will accomplish the same thing.

But, know what you want to accomplish beforehand.Creative Finance is a great way to buy properties when done properly and lawfully. 

Investment Info:Small multi-family (2-4 units) buy & hold investment in Madison.

.- **BRRRR (Buy, Rehab, Rent, Refinance, Repeat):** This strategy can be lucrative, but it requires careful planning and execution.

Hoping to go down one of two paths:1- Buy a condo or small single family home and build equity and create value with my maintenance/construction background.2- Find a cash provider to do this on a larger scale with a 3-5 unit building. 

I generally recommend if you're not going to buy a property in the city/market where you currently live, the next best place to look is where you have family (and presumably a place that you'll visit relatively often and easily).What is your price point and are you looking for turn-key properties or something along the lines of a "fixer upper", assuming you buy in Peoria or a similar priced Midwest market?