I'd recommend you have your financing or cash up front. 

Start with a tiny rental or a fixer-upper, use helpful tools and resources, and tap into loans like bank loans, quick cash loans, or loans from people you know.

Are you using your own cash or hard money loan? 

I'd find out why it isn't renting. 

The offers I received for a cash offer (the property could not be financed) were in the $200,000 range.

We have reached out to every buyer/seller agent as well as previous owners to try and get statements proving it was an apartment.The issue is... now we need plans drawn up, a permit issued, and a city inspection on something that was converted decades ago and will cost thousands of dollars and time. 

Cash Flow: Owning multiple rental properties can generate consistent income.

And when you find "the one," don't skip the home inspection.

Hello,I have a client with an adult family home in Washington State, they are looking to do a cash out refinance.Here is the property info: $570,000 Appraised Value, $2829 Annual Insurance, $3,000 Market Rent, $4,200 Actual Rent, $5,175 Annual Taxes.Borrower has a 720 Fico, and owns 4 other properties, let me know if you can do this.Thanks

In which case, I suppose you can find the money somewhere else and not risk the house you live in.