However since it's a HOT seller's market for multis they might be less then receptive.

Charleston you will see one of my projects there 5 new builds.. but on the same streets are some really nice older homes that would make great rentals.. you can look for one's that are run down or tired  knock on a few doors you might scare something up that way as well.. then if you continue down Oak to the east past crappy MHP you will see three more homes those were ours as well. the very next street hang a left.. there are older homes there that would make nice rentals.. you have a great opp in N> Charleston with Boing going gang busters its a hot place to be investing.. and TOTALLY under the radar so you don't have the intense competition you have in other markets from turn key companies.

To answer your initial question of how a newbie can make money in a hot market I would say mindset is most important, if it's a hot market clearly someone in your market is making money.

I just don't think that spend is necessary in a red hot seller's market.One thing on my to-do list is to set up a relationship with a furniture rental company to do the same sort of thing.  

That does not consider your AC, appliances, hot water heater, and maybe roof will all need replaced within that time frame.

When you are low income, the process of moving is much more difficult because of all the deposits you have to save up for, the lack of transportation to actually move the household items, etc.  

I've got good work history, credit scores, and household income.

So, are you in a hot area?

There are some obvious hot areas and those decisions are relatively easy.

- how is domestic hot water provided?