Get some experience under your belt, and you'll find it easier to obtain financing from private lenders and hard money lenders.

I have 8 years of realtor experience under my belt but gave up my license a few years ago to raise my kids.  

By that time I'm sure you two will have a few deals under your belt! 

@Daniel Sisto  SLO's offer good opportunity, but I don't recommend them (or sub-2 for that matter) till you have some experience under the belt.  

@Jason PritchardCongrats i can't wait to get my first deal under my belt.

With one rental already under the belt, my short term goal is to complete my real estate license requirements to further my education.

That being said, even though I have experience under my belt, I personally would not touch the D-class properties. 

Dig in, get some strong foundations under your belt (hint: grab the BP getting started guide) and then take massive action.

I was in Milwaukee last summer and looking at some absolutely stunning 1930's and 1940's craftsmen homes that would be well over 1 million in our market and they were 60k and would cost probably 500k to replace... this is the same in virtually every market in the upper mid west and other parts of the mid west as neighborhoods turn from owner occ like they were 30 years or more ago to rentals... and they will NEVER return save the little pockets that are right by down town areas and developer with VERY deep pockets come in and  re- gentrify.. this is playing out in most big cities for sure.ON the West coast were we do NOT have enough houses for all the people's that live here,   values hold by and large,   Very few SFRs are bought as rentals in comparison to mid west rust belt..

I don't even think you need to file a return I could be wrong.Not saying that folks with no money can become successful in RE they can but it really is dependent on which market your in.I mean you take much of the rust belt and you can buy a house for 2k or 5k.. and you can turn around and sell it for 3k or 7k.. and off you go.. but if you live in high dollar areas were say the minimum price to play is 100k or 300k .. you need to get a job and make money and get your down and reserve established then go lookingBest bet for those starting out in my mind is to buy a 4 plex live in one rent the other 3 you get FHA loan you get experience to see if you like being a landlord.. ( or like me conversely you hate being a landlord and want nothing to do with rentals) but when you move on your have 4 doorsso how is that for some advice