I hear it is good to look for motivated sellers for this, but where can I find these sellers?

Add your URL to your direct mail post cards, business cards, and craigslist advertisements.This combined with some bandit signs if they are allowed in your area can really drum up some motivated sellers.

Hey BP,I'm doing what I can to be as proactive as possible in compiling a list of potential motivated sellers by going to multiple cities and obtaining a list of properties with code violations on them.

When we do the final split, I DONT expect half of the remaining IRA funds.......

I received a call from a motivated seller and went to see the property today.

Thanks guys for the responses and motivation.

Moral of the story is that nothing beats finding (sometimes stumbling or sleeping on) a motivated seller.I suggest telling EVERYONE what you are trying to do.

Do I put as little down as possible to remain liquid for another purchase?

If that individual seller is no longer responsible for some future issue then it may be hard to motivate them if needed to cure any issue. :)

Look for concessions to get occupancy up (e.g. first 2 months free @$650 for remaining 10 months vs. the regular $600/month...)