That leaves $80k leftover after acquiring their house, no assets to their name, around $1900 PITI, and no property for their horses - meaning they will either need to sell their horses (break my mother’s heart) or pay board for their horses which generally costs between $400-$700per horse. ^ this plan could work.

I have one property that was obtained through inheritance, but I've never had to acquire a property before, so I still feel very new to the whole thing.

I’m unable to get FHA and I want to acquire rental properties.

Best of luck everyone and hopefully we can all still acquire deals months from now and not feel like we jumped the gun.

I assume it’s an opportunity put forth to invest in a fund that will then locate and acquire cashflowing apartments.

We actually acquired this property for free doing a building swap with City Center Investment the largest developer of Allentown Real estate.

To be honest, this may be a tiny bit above what I thought the house was worth, but if overpaying by a couple thousand dollars to acquire a new rental was what it took, then I was fine with it, as he was going to be financing the deal for me.

Its also a great way to learn about creative strategies like subject to purchases which will allow you to acquire rentals without getting a loan from the bank.

I'm new to the Chicago market and recently acquired my first investment property here. 

While the numbers aren’t as high long term and cash flow isn’t as high, they can recoup capital quickly to acquire more properties than after you have a larger cash basis you can go for cash flow and lower mortgages.