I started the opposite also..From mortgage banking and got my RE license just for personal transactions in 2010.

I also know that this strategy is often used to leverage available cash for multiple deals.However, as a new investor, I've decided to focus on purchasing one property at a time and go through the learning process until I complete a refinance.Only after receiving the funds from the bank would I consider rolling into another deal or multiple deals.In this situation, do you think it's better to still take the 80% loan from a hard money lender, or should I use the cash I have and purchase the property outright?

Although if really needed, you could borrow against 401k, up to $50,000, not to exceed 50% of balance. 3) You have less money in your bank account for real estate, and instead held in a retirement account that only allows for stock market based investments. 

@Jamie Banks What recent news from Zeus?

Fail on paper first.  

Remember, C/D located properties generally appraise once improved for significantly more than they will actually sell in an arms length transaction so you can go to many C/D neighborhoods, successfully complete the BRRRR method but deal with  all of the operational difficulties of the asset class and then fail to achieve a sale figure remotely close to the favorable appraisal  that allowed for the proceeds to be returned through the refinance. 

Also talk to the bank to find out what you can borrow for a mortgage.Don't over extend yourself.Don't buy the cheapest place, think long term-buy in a good area. 

Section 8 will ACH monthly rent payments to the landlord's bank account. 

@Pat Aboukhaled wife & I have thought this would be a great use of failing malls for affordable housing.Unfortunately, as @Greg Scott points out, many people take the path of least resistance, which can ruin the idea.So, you'd want security cameras and maybe even security guards to hold residents accountable. 

You failed to perform proper due diligence before closing on the rent house.