Anecdotally I have had lenders tell me outright that FHA lending guidelines frown upon this practice more than a conventional loan.A lot of lenders do have 3-5% down conventional loan programs too, so definitely weigh the options and the costs...as well as the potential future tax implications of the decision.

I would cut your expenses and/or increase your income so that you can get into your first deal in the future.

As I begin looking to retire from active duty in the next couple years and transition to the civilian sector, I see real estate playing a big role in my family's future. 

*In fact, another future article will be about why I offered more than asking price for one of my investments*Make some legit offers!

You assign leases to LLC (via written assignment).You send letter to tenants advising of change of ownership and how to send future rent payments to the LLC.

I plan to obtain my Illinois license in the near future.

@Troy LarsonWelcome to BP, and congratulations on making the decision to invest in your future via real estate.I have written a few blog posts that may help you get started here on BP, and with your investing.

Good afternoon Malachi,I am also an old (and future) Ohioan who is currently in Japan (Okinawa though) and investing in Southern Ohio.Maybe we can have a virtual Sake and trade notes.

Ian,I'm going to be looking to make a similar move in the near future.  

You just never know what will happen in the future...especially with a partner.