You are seeking guidance before jumping in and trying to take hold of your life which is very commendable. as @Joe Villeneuve mentioned, you could seek a partner, a relative or friend, but i agree with him on trying to find one at a local REI meeting, having friends and family may just ruin that relationship if something goes bad. you do not HAVE to form an LLC. you can purchase investment properties without one, i personally have each property under an llc. what you can do when you go to a lender, once you know your finances, is find a small local bank that deals with investors, go in there with confidence and numbers. what i mean by that is have a net worth calculation on a sheet of paper ready for them, last 2 months bank statements, last 2 years tax returns, numbers on the property you want to purchase ( what you predict will be the NOI for the property), last 2 weeks of any W2's you may have. you go in there with confidence, put down all those papers with numbers and how you feel you and they would benefit from the purchase, that will impress them.

While I don't believe in raking a little ole widow over the coals there are those homeowners who have been quite derelict in their homeownership responsibilities and commitments and frankly have let the home fall into ruin and haven't been diligent on their financial contractual responsibilities.

Hello All,Good News:After some minor setbacks, including an AC leak in the attic that ruined a 5'x4' section of my ceiling two days before we were supposed to list on MLS, my first flip in Houston hit the market!

The charge for ruined floor covering, for example, depends on the size of the room and type (carpet, vinyl, tile, wood).

The interior is completely ruined by the fire and water.

. $ is made based on the decisions that the client makes and one bad decision can ruin you.

Now the people are out of the money, don't have a place to stay and the vacation is ruined.

I don't lend money to friends or family or get involved in any business dealings with them, I don't want the relationship to get ruined.

Further, non-performance in that space can ruin your chances for future deals with that REO broker. 

When dealing with multi family housing one bad tenant can ruin the experience for all the residents.