This is considered a personal home - even though it has rental income, so you only have to have 3.5% down frequently, not the 20% down it takes to buy a true investment property.  

You might be better off flipping the contract if you find deals frequently but do not have the capital. 

However, the very experienced and grounded investors can figure out cap rates and multiple other carefully assessed characteristics to come out ahead.

The market is up and down and frequently sifts.

Definitely get the estoppel letters and copies of existing leases.Apartment complexes change hands frequently (if judging by the "under new management" is any indication) and I can assure you they don't kick everyone out and start from scratch.

My son is going to FSU, my wife will be making frequent visits there because he is her baby ;-). 

You'll save on realtor's fees.One thing to remember is unless you are flipping, selling a rental and buying a new one frequently is going to lose you money. 

To get the full effect of how I first saw it, I'm going to have to ask you to imagine a raccoon sitting up on top of the bed.One thing I've frequently told folks is on these old, low class properties, if you need a home inspector, this is not the right property class for you.

I’m frequently asked by new investor hopefuls how to get started in real estate when cash is light.

Lenders will want to know you have a game plan for monitoring a project and being on site frequently especially when it is your first time.