We are currently planning a cash out refi and would have enough to put 20% down on a place, but I got some advice to take advantage of low down programs like FHA to focus on ROI and be able to buy more properties. 

I am a baby investor looking how to start out and use this to my advantage to begin my real estate investment portfolio.

I am a baby investor looking how to start out and use this to my advantage to begin my real estate investment portfolio.

This is a great place to learn and to meet people so take advantage of all the great resources.Read Beginner’s Guide to help you get started: http://www.biggerpockets.com/real-estate-investingLots of luck.

How do you avoid getting taken advantage of by a mentor?

I am sure dealing with the calls isn't fun, but we all know people are out there taking advantage, so we should call them out when it happens.

@Mel Hayes I’m curious what the advantage of seller financing would be in this case if it’s a 1 yr balloon payment?

If you invest as a Limited Partner (passive), you can earn pretty solid returns, take advantage of bonus depreciation to offset active income from flipping or wholesaling, and ultimately when you get ready to move overseas it's very passive so you can easily continue to invest in that strategy without any major adjustments. 

As a DIYer and to spread out the cost and cf hit, I'd renovate as they become vacant but I can see the advantages of renovating them all at once if I had a good team in place.  

Use those 3 things to your advantage and even though you have 130K doesn't mean you need to use it.