Using leverage or other peoples money (OPM) is the name of the game.

Those that know how to "play the game" can drag things out for 2-3 months before you get your property back!

Another thing that comes to mind is learning to spot which tenants will be problem tenants before purchase, and prepare a game plan throughout the year-whether self-managing or managing the managers.  

If you have the cash, why not just use your current cash that you were going to pay off mortgage 1 with and use it for whatever your end game is? 

Possibly become licensed, it's a pretty cheap way to get in the game and then you can make some side money and be an asset to local investors.5.

The abusive and illegal practice of charging HOA Transfer Fees on the sale of a home in an HOA is well known to our legislators, the press, Title Companies, Realtors, property managers, and home owners.

I highly recommend starting with the beginner's guide and the podcasts but that's what got me into the real estate game, so I am a bit biased.

first of all - congrats that you are actively looking and ready to pull the trigger on your first RE investment.I didnt see what the end game is?

If he brought the house to your attention, then maybe it makes sense to pass.But if it was a house that you had been watching its fair game and you need to go after it.

The fact that the property is being flipped frequently gets caught late in the game by the lender (frequently in a quality control audit just before going to documents) which can burn a lot of you valuable time available under your purchase contract.