Initially I wanted to use my VA loan, but that wont work in this case. 

I will go back and relook the projections, but initially the projections are providing the investors a 9.1% Cash on Cash, 18% Average Annual Return, and a 15% IRR. 

Thoughts...Step 1: If there is seller financing available, done deal, take it, mission accomplished!

I am hoping that the govmit steps in and blocks those from those folks that are owner occ and got flooded and default.. investors not so much.

Since my initial post I've secured a day to meet the owner at the property.

Newbies never factor this into mind when doing their initial Day 1 analysis. 12% cash-on-cash return on Day 1 will NOT be 12% in Year 5 (probably)!

It was a stepping stone that led to bigger and better things. 

Step 0.

Hello Ana,I'm Brandon from RE/MAX in Huntington Beach,CA and we're together in the same boat.I got my license in June and have taken all the basic sales training the brokerage offers but,it's truly a struggle to get started in this business saturated by both new and long time experienced money making agents.I felt the same way about feeling unprepared and still do to a certain extent but,I am working through my jitters with the help of experienced mentors.I got my first listing from a family friend who had a friend with a house that needed remodeling and repairs.I was in no way ready to handle a transaction alone so my mentor took me by the hand and lead me through every step of the way with an ease an confidence to her that she developed over time and many sales.We sold it on the MLS and had 20 offers from investors and let me tell you it was exciting to be part of it.

Don't skip this step, as it is critical for banking, obtaining loans, and for defining the terms under which you and your partner dissolve in the case of a disagreement.