City can only pass regulations that apply to all, and they write them for the lowest common denominator which as I am intimately familiar in this subject trust me it was pretty darn low. 

You need one or the other, preferably both.Since you don't have any money, you'll need to focus on knowledge.Besides building your network, you can also start looking at properties to find market inefficiencies you can flip to an investor with funds for a fee.Wholesaling is the most common form of this, but you can do this in several different ways.Also, what happened if you found a "tired landlord" and got them to accept your offer of 0% down, but $x/month payment to take their problem off their hands via seller financing?

We also commonly share leases with folks we meet at the REI meetup we run each month.

Very common with inexperienced wholesalers. 

It is a common mistake to hire someone just because you have a personal relationship with them.

Hey Larry - Aiming for a minimum of $250 cashflow per door is a common benchmark.

I was hoping on doing the same for common areas but didnt want to add another bill to the house.

I average about $500/yr on average, and in most areas common wear and tear are not able to be withheld from deposit.  

@Morgan Chan If the 1st mtg holder signed a subordination agreement to the second lien holder (not common but it does happen) and the second lien holder forecloses….then yes, the “former” first lien holder gets wiped.

Apartment complexes and commercial buildings  always carry this but it's also common with residential.