As far as funding goes I have around 50k liquid right now and a pretty good credit score and my parents are always willing to cosign with me if necessary.

Then, it's a closer look at credit to justify the lack of an adequate cash flow.I once had an applicant, rather rough looking, that had about 20 beer cans in the back of the car.

She is a 1099 contractor, and we do not have any outstanding credit against the LLC.

Even if you don't try to get credits or items repaired, just so you know what's going to need to be addressed after you buy the property.Typical inspection will run you $500-$750 depending on the inspector.

Financing was 90% LTV through a local credit union.The SFR that we moved out of was NOT purchased with REI in mind and I would purchase it totally different today than I did then, BUT here are the numbers: Purchase price was $202,900 and it is currently renting for $1,575/month.

One could credit the remaining folks for the deposit on file and return just the leaving tenant pro rata, but then you need a small check from the remaining tenants anyway to get the full deposit, and you never know how they have allocated or paid the deposit (or even if they are on good terms), and you rely on the kindness of strangers to return it to the leaving guy (so he does not ask you for it later).Either way, make sure it is crystal clear and communicated (I communicate it multiple times) to ensure a smooth transition and prevent problems; that may be key, get the fuzziness out and make sure no feathers are ruffled.

I have no saving, I have a part time job, I have no money and my credit is horrible.

Hope to see all of you there.If you have specific concerns or topical points, related to this subject, that you want mentioned at the Council meeting, please email them directly to me so I collect them in preparing my script.

If not, you can always try the more costly no credit/credit check point option, or pay a larger down payment to satisfy the bank.

I currently have no background in real estate but have spent time researching and preparing myself for my first investment.