Leverage is likely key to obtaining that goal in 7 yrs.  

It seems as though an investor needs current and future jobs data, vacancy rates, rental rate in area, crime rates, etc, in order to determine whether a rental property is a good buy or not.Can anyone tell me what are the reliable sources where this type info is obtained.?

I allow a well-trained family dog, with the following requirements:  $1500 security deposit instead of $1000 security without a pet, AKC Good Citizen Certificate, vet records showing age (not a puppy), breed (no restricted or mix with restricted breeds), current vaccinations, current license, and renter's insurance with minimum $100K liability with me listed as additional insured.  

A LLC will act as an additional layer of protection for everyone, and you can still obtain financing with a LLC and you do not necessarily need to have "all cash" to purchase a property under the name of a LLC.

I just joined Bigger Pockets to learn more about tax lien certificates, tax deeds, low or no money down financing, buying and holding, flipping properties, wholesaling, and possibly starting a business later on.

Cash Reserves Required For Other Properties Owned by Investor; If the borrower has 1-4 mortgages, an additional two (2) months for every other SFR investment property and second home is required and additional six (6) months for every other 2-4 unit investment property and second homeIf the borrower has 5-10 mortgages, An additional six (6) months for every other investment property and second home.DELAYED FINANCING EXCEPTIONDelayed Financing ExceptionA cash-out refinance within six (6) months of a purchase transaction when no financing was obtained for the purchase transaction are allowed under the following parameters: The new loan amount is not more than the actual documented amount of the borrower’s initial investment in purchasing the property, plus the financing of closing costs, prepaid fees, and points (subject to the maximum LTV). 1.

Who would be responsible for obtaining the construction loan? 

Hey BP - is it worth getting my real estate license for access to the MLS? Or would I be better off paying for it?

Artem, returns are entirely based on what type of property you are looking at, what you intend on doing with the property after obtaining it and finally what you want to do with it flip or rent.

I live in Mount Vernon & I am looking to obtain my first property in Yonkers, NY (4 unit house) in 2016 in where I live in one unit and rent the rest.