From my experience, you can use that savings to house hack with an FHA loan, invest in a turnkey property in a more affordable market, or even partner with others to expand your purchasing power.

Thank you Eric.In addition to the rental properties, my wife and I have a paid off house, paid off car, and about $1.4m in retirement accounts, brokerages, and savings.We live in a HCOL area and our expenses are $9.5k per month even though we live pretty modestly.I set out initially to have real estate pay for at least some of my expenses in order to give me more freedom and financial security.Is your wife quitting too? 

That’s great advice Taz, I’m currently working on saving enough money to get started, house hacking is hard for me at the moment because I just bought a house 2 years ago, I would have to sell my house(which is in a great neighborhood great location) and use that money to fund the duplex which isn’t totally out of the question, I would like to keep the house if possible but also would like to get real estate investing more.

Hi @Vincent Plant,You've gotten some great advice on what to look for in a hard money loan.

These are done between the buyer (you) and Seller.The situation that is most common to find these properties are in a foreclosure proceeding, or pre-foreclosure. 

Highly recommend you looking into a checkbook IRA instead of cashing out.Sure you can take out the principle since you’ve already paid taxes on it but this money is supposed to be for your retirement and in a Roth your real estate can grow tax free, though check with a CPA to see if STR will trigger UBIT in an IRA.

If it's a QM you won't be able to close in a business entity like a LLC, although in some cases you can transfer into an LLC after closing.

Too often, I just hear people say they are "looking for a good deal", but defining that good deal in a specific area makes it much easier to spot. 

., plumbing, window replacements, and sheetrock repairs), but it still needs work to get the vacant units ready to rent.It’s located in a neighborhood with a higher crime rate but also near major highways and areas with rental demand (e.g., downtown Fort Worth and Texas Christian University).My Goal:I’m focused on cash flow, and this property seems like it could work if I can stabilize it.

Here's another one:  Went to a Tax Sale where there was a "vacant" lot for sale of about 1 acre in a desirable suburban area.