It's all about what you're looking for and if your home qualifies :)  I would recommend reviewing your specific situation, the value of your property, and your risk tolerance to determine the best approach.

Does this approach go by some sort of moniker or buzzword that I can "google/tube" to learn further?

Rentals create cash flow, and that's what we want as real estate investors, but you need cash on hand for unforeseen circumstances.The AC needs to be replaced, that's $7K to $10K or more depending on the size of the house and if you have one rental, it will eat all your cash flow, same to replace a roof, etc, or if tenant trash the home, you need money to fix it again.To me personally a nice rental portfolio that is healthy consists about 10 units, so if you have an issue with a house the portfolio can cover the repairs and still healthy, but when starting you need to have cash on hand just in caseYes, there are multiple strategies you can use to hack your way to buy your first rental with minimum cash, but I would start wholesaling or fix and flip a few deals to create that cash as fast as possible

This approach allowed us to acquire the property for $195,000 without delays, ensuring we could promptly begin renovations.

This approach allowed us to maintain control over the entire process, from acquisition to resale, ultimately maximizing our profitability and demonstrating our commitment to successful real estate partnerships.

I'm a fish out of water in this situation (this is my home, I don't do RE for income), so any possible approach to the situation is appreciated!

I am seeking advice from experienced investors as to what the best approach would be in this situation.In mid-May, I purchased an investment property in Colorado despite residing in Florida.

It is my approach if you have lower capital to start.

This approach allowed us to maintain full control over the process, from acquisition to resale.

It's a huge advantage to have a father who understands the business be your mentor for sure  I remember many an evenings coming home from RE appointments and going over what they said what I said how should I approach this and that.. ..