Most but not all lenders give you the option of getting the current, market interest rate if rates drop after you lock.

I have about $300 on my credit cards (just finally paid them off for the most part, and have about $20,000 limit).My cash on hand is relatively light, but what my plan was was to find some single family homes in the north Detroit area (currently anywhere from $40-$60k and put about $15-20k tops into any repairs or fixes (not looking for total rehabs, mostly something I can do some small repairs here and there and paint, personally I am knowledgeable about renovating up until complex electric and plumbing).

Definitely the way to do it if you can make it work.Also, it's worth noting that currently individuals can only have 10 mortgages active at a single time.

Good Evening, here is what I am looking to do, I have a home currently.

I'm currently working with a couple of other out of state investors looking to do the same thing you are.

You can sign up for these on a great website called Meetup.Financial Preparation:Evaluate Your Finances: Understand your current financial situation, including savings, credit score, and any potential sources of funding.Create a Budget: Establish a budget for your first investment.

Just like Florida gets hurricanes, California gets earthquakes, and the northeast gets ice storms. 

This will not be the case on some of the lower priced properties that are abundant in this area.DON’T FORGET ABOUT THE CURRENT YEAR’S PRORATED TAX BALANCE!!!

You should also request an estoppel so the tenants can confirm that the info you were given in the lease is still current and correct (you never know if the owner gives you an old lease with old info, and maybe the tenant has actually signed a more current version). 

You can expect 4%-6% equity appreciation gain, especially with current rate and inflation.