I don't think it will take you longer, in fact, I think it will be faster than what you proposed and less risky.It's less risky, because your plan depends on your properties staying the same price or appreciating in value.

The answer is it depends on what your intent was at the time of purchase. 

I am looking at a property, that is worth about $130,000 to $150,000 depending on how much I end up putting to remodel the place.

But all this depends how much equity you think the property will have at that time, because ARMS can also get you in trouble...I also love the spreadsheet layout, very clear cut & precise with the numbers!

Depends what strategies your existing leasing agent is employing.

I am looking at a property, that is worth about $130,000 to $150,000 depending on how much I end up putting to remodel the place.

I think all you need is a title company to close your transactions - no don't need an account at this time - most title companies have lawyers to close your transactions -You should make sure that you buy real estate at a giant discount - Understand the management process - learn how to be a good landlord - a tenant is a customer - the tenant is the person who will pay for your mortgage - treat them well.Find discounted real estate from landlords who find themselves in rent court -Start to deal directly with owners - I don't think you should depend on agents selling retail properties - you need to go under-ground for great deals -Tax salesPublic AuctionsRun print ads and radio commercialsInternet - 5 weeks ago I created an internet site - I have received over 200 leads - have 70 offers out there and 15 ratified contracts - learn those systems and you will do well.Expired listings - go knock on some of those doors - an expired listing is  FAILURE of property to sell - I am sure the sellers are not happy - go find them and solve their problems.Direct mail to commercial properties owners - commercial buildings can be  great profit center - when you advertise for real estate - signs - internet or mailings always advertise - WANTED REAL ESTATE - houses - commercial and non-conforming properties - all cash -as is - no commission.

@Satish Kethineni - I believe this is more market dependent than nationally.

It will also depend on the ease of selling your lots.  

Keep in mind, mortgage products will differ depending on whether you will occupy the property as your residence or strictly hold it as an investment property.