I would put it on the same playing field as...say...a public restroom at a rural gas station... 

I think the play is for entry level new construction, but it is inherently high risk.

I've heard more than one can play these games. 

I want to get into the real estate game and was thinking of buying a condo in New Haven to live in while renting out the other room for a year or two before buying a multi-family home in Branford, CT.

HML isn't going to lend with 3.5% skin in the game unless it's your uncle or parent.

Ron S is a little sarcastic but he's right... and as a fellow investor, I want to be able to play the game too, I dont want the deals sniped out from under me before I can make an offer... :)   Especially if its someone trying to use personal relationships to buy it for less than I would have. 

There just isn't fortune 500 companies that make their home in Phoenix and that relays to more of a up and down play of the long-term graph. 

Some sort of profit sharing arrangement with the investor so that your interests are alignedAll in all, I'd say it is a risky play, but in risk lies great returns.

New to the game.

If you believe you will need cash soon enough, then you want to put as little as possible, so that you can do more purchases to start building up your portfolio.If you believe you won't need the cash for the near future ... then put down 20% and avoid extra expenses ... such as PMI ... etc.My very first rentals, I bought them in class A, pure appreciation play, put 20% down.