@Corby Goade  as you noted this is totally market specific.in many markets housing for existing stock is still a magnitude less than what you can buy existing stock for rendering lots valueless.. think most bigger inner city hoody type areas of the mid west and rust belt and deep south.That all said the major difference is virtually EVERY HML does rehab loans..

At one of my SFH, I even rent them a mower & snow blower for $120 annually.  

Once you have your first buy and hold purchase under your belt, you can start reinvesting.

@Clark Kirkpatrick was curious about property management in our area, glad you mentioned Slatehouse I'll look into them as I get a few deals under my belt. 

I think you will regret it when you have to shovel where you live and then shovel your multifamily property or you can buy a snow blower that breaks after your third use or the engine gums up after a season.  

All of the snow removal would be shovel/blower, not a truck. 

Also wear a money belt or keep your cashier checks in a folder or somewhere a pick pocket can not access.

At that rate, by the time you are 21, you can already have 3 multifamily homes under your belt with just 3% down every time! 

Make yourself familiar and build these relationships with other folks in the industry.I'm a lender here in California that does commercial in additional to residential, but am newer to this part of the industry with only a couple commercial transactions under my belt.

Cut your teeth on performing notes, then after several under your belt venture into the non-performing arena.