I'm probably gonna save up about 2 or 3 grand and use that to get through my first deal, and then i can use the proceeds from that deal to do the rest.

It has 3 beds 2 baths 1350 sq ft with an in ground pool. the home needs 30k-35k in repairs.the owner has a 306k mortgage which she hasnt made payments on in 7 months totaling 17k. the owner also owes 7 grand to a contractor for previous work done but not completed.she is willing to sign the deed over to me if i would agree to catch her up on her mortgage and give her something to walk away with (40k).I would take over this property with the intent to live in the home and rent the other two rooms out.Please tell me your thoughts on this deal.

The rented side is paying below market rents and needs renovating--cosmetic stuff, but still a few grand. 

In light of all the guru, snake oil sales types you'll find these days on TV, you've probably found the best resource to get started right here and at the right price.If possible, my suggestion is using owner occupant financing to buy a new home, rent out your existing primary residence and repeat the process until your portfolio is where you need it to be to comfortably retire, pay for your kiddo's and grand kiddo's education, sit on a Caribbean beach with an umbrella'd drink in your hand...whatever floats your boat! 

Peanuts in the grand scheme.

seems like you are looking at a property at market value that needs work.I don't know the size of the house (maybe I am just blind or senile and its sitting right there), but say its 1500-1600 sq ft, you are probably in the $10K range a new fence will run you a grand or two depending on the size. 

Your buddy Jack can lend you a few hundred grand, if Jack wishes to, under whatever terms you and Jack negotiate, to the extent allowed by law.

Investor from East Grand Forks, Minnesota

Say you had $25k, if you could get 8-10% returns (which are very doable) over the 3.5 years you just made a few grand on your $ to buy your retirement home versus paying out of pocket every month. 

I haven’t been to it physically yet going to but by the looks of it I’m taking a leap by saying at least 20 grand low ball.