.$150,000 * 20% Down Payment = $30,000Make Ready Cost = $30,000Total Cash out of Pocket = $60,000If I had bought the Property at $200,000$200,000 *20% = $40,000Make Ready = $0Total Cash = $40,000 (Or $20,000 less)The other area that is subtle is time to Cash Flow as my Cheap Property approach meant I could lose up to 6 months+ of rent if I bought the cheap property for 150K that was tenant occupied and paying under market. 

I've had a few discussions about the best way to create a plan in order to "snow ball" your way to owning many REI properties (buy and hold for rent).After Googling around and even reading blogs on this site, I've thought about doing something like the following:Buy my first rental property (SFH) with cash (around $60-70k) where I'd expect about $500 cashflow per monthCurrently I have about $105-110k available (after taking out an emergency fund)Then shortly after, buy my second rental property (SFH) but take out a mortgage and put down around 25% on a $60-70k houseThe cash flow on this property specifically would likely break even (at or near 0) but this would be on a 15 year mortgage and I can use some (or most) of the cash flow from the first to help pay down that mortgage faster, along with my corporate job monthly savings tooI feel I could pay it off anywhere from 5 - 10 years depending on the exact strategy If/When I get the 2nd one, then shortly after that, try and get a 3rd SFH rental property and continue this snow ball effect to build up by rental portfolioObviously this is easier said than done, along with risks and I honestly do not have any real experience with rental properties as this is my first time diving into this type of investing.My main questions would be -- Has anyone done a similar strategy to help build their portfolio quicker?

@Sarah Abelow I can suggest a few sites and study guides.

I don't mind too much losing a few thousand dollars on closing costs.

Go on Meetup site and search for REI clubs/events.

The local area crime rate is low according to Trulia.com, but I've also heard many realtors laugh out loud at some of the information available on the popular web-sites.

Because this knowledge is how I make money where others lose it.NOW I can get back to your question.

Theres no reason to pay to much to lose in the end....

Guess I just assumed most had to be done on site but those are awesome ideas I will be taking advantage of.

@Russell Brazil  I agree with Russ totally depends on what kind of real estate.. keep in mind that when you ask this on BP 90% of those on this site will gravitate to the only real estate is rental either sfr or small plexs or MF.. there are many many other types of real estate .take for instance in my mind one of the safest and most passive is investing in land in the path of progress.. pay cash and hold it.. nothing to it.. over time if you buy right or you buy a timber tract with middle age marketable timber species like Doug Fir or white pine  west  East  … these are very solid long term safe investments that you just make and sit and wait.some of the biggest money made in real estate though is land in the path of progress.. this keeps you immune from the ups and downs and risks of tenants..