Louis,The big value add players refi (if they are using a variable rate loan) or obtain a supplemental loan (if they have a nice fixed rate in play) to pull out cash as soon as the property renovations are completed.  

I am looking for mostly a passive income stream to supplement my other income sources.

I will be focussing in western Colorado, and plan to work as an agent for supplemental income.

Mark's article was also a nice supplement here and is appreciated.  

What I do want to do is supplement my income and in a relatively short time frame, figure out how I can best use real estate to bring in cash sooner than later and to make this a full-time career.

So you jumped thru all the hoops you have the deed and OAS in hand you go to the sheriff to evict … sheriff 5 days, 5 weeks 5 months later (depending on the mood) appears in front of the property (they don’t care about your timeline..) to evict …and what happens…people who live on the property are actually NOT the owner (that are typed in your OAS or lis pendens) but somebody who rents from the owner so sheriff says good bye and wishes you good luck… sheriff cant evict anybody as they are tenants and supplemental forcible detainer needs to be filed.

I guess then I could really see if it would benefit me to purchase an investment property in the same area.......or a foreclosure....using 203K.....Just do not want to pull so much retirement cash out for downpayment unless this will benifit me and supplement my teachers pension in a few years...

I want the money I make from paid for rentals or even a few rentals that arnt paid for to supplement my pension.

When I was 20 I bought my first investment home and then used the money generated by that investment to buy more investments and to supplement a shot-term lifestyle I will never regret.  

This has led me to conclude that I would have to make some money through some flipping along the way to supplement my working capital.