The active BP members in these cyclical markets (1) buy well (2) add value (3) use long term debt (4) maintain reasonable LTVs (5) buy in good locations with high demand (6) hold very long term and (7) have reserves. 

Other options include:retirements accountsprivate lenders (like your friends and family)personal loansBut refinance would be my first bet as well.

@Zach Robbins I am primarily interested in multi-family rentals; however, single family may be a better bet for my first go at it. 

All the criminal activity in that neighborhood in the past 6 months consisted of larceny/burglary, with most of it not being on Ursula Avenue.  

Since you’re active- Doug Norseman has great financial and retirement info for you.

I haven't done a refinance yet but I can talk about the closing costs of my first deal (which I bought with a conventional 30 year loan):Underwriting fees: 600Appraisal: 675Title Fees: 1650Recording Fees: 150One year of insurance prepaid: 600Initial Escrow payment: 400So overall, I paid about 4k for closing costs as well, but I bet this also depends from area to area.

One big question - are you looking to be active or passive?

@Jason Ma I'm not sure this answers your question but I would recommend looking at the growth of the university.I invest almost exclusively in student rentals in Columbia, SC and the University of South Carolina is the primary driver of activity in the downtown market.

I don't want to repeat everything in my profile but I'm looking at several markets in Texas, Maine, New Hampshire, and Kentucky.Currently I'm active duty Military working in a medical administrative field.

However, he no longer has an active Class A license and he is related to me – which is causing problems with financing.