However I would still want to keep my fulltime job and have real estate be something I do alongside my fulltime job.My question is with limited capital how could I best get started on this challenge?

I would try with your current insurer (unless it's Safeco).Allstate is quite popular, but are limited to insuring 4 properties - http://www.allstateagencies.com/DeanBarnard/WelcomeAmerican Family Insurance seems pretty flexible and will insure over 100 properties - http://insurance-agency.amfam.com/GA/robin-l-mitchell/Can your property manager recommend someone?

Owner Owes $85,000PITI is $794.00.Owner lives in another state and home is vacant.Our Strategy:[/b]RESIDENTIAL LEASE WITH OPTION TO PURCHASE AGREEMENT©I believe the RESIDENTIAL LEASE WITH OPTION TO PURCHASE AGREEMENT© is the Agreement used between ourselves and the SELLERRESIDENTIAL LEASE1) Rent: $ 800.00 per month (Based on current rents in the area)2) Lease Term: 12 months, beginning September 1, 2012 and ending September 1, 2013 .3) Maintenance: Buyer/Tenant will be responsible for maintenance and repairs of the property, not to exceed $200.00 per incident.OPTION to PURCHASE4) Purchase Price:$89,9895) Option Period: 36 months, beginning September 1, 2012 and ending September 1, 2015.6) Option Consideration: $10.00 All Option Consideration will be credited in full toward the purchase of the property.7) Rent Credit: Buyer/Tenant will be credited $400.00 per month toward the purchase.8) Closing Costs: Purchaser will pay all allowable closing costs.9) Expiration: This offer shall expire on August 9, 2012 at 12:00 midnight.10) Inspection: This offer is contingent upon physical inspection of property and subsequent completion of a formal and signed Residential Lease with Option to Purchase Agreement.MEMORANDUM OF OPTION to cloud titler Tenant/BuyerWith our Tenant/ Buyer we will use the following documents:OPTION TO PURCHASE AGREEMENT© which cannot be assigned.Purchase Price: $93,000Option consideration: @5% $4650.00Rent: $900.00Lease: 12 months, renewable x 3.RESIDENTIAL LEASE AGREEMENT© Unassignable.Your critical analysis of this deal is highly appreciated.

Could've done without the criticism for a simple question.

And I know my limitations and when to bring in the experts who will do a better job than I would.Thanks again.

Unfortunately, it's going to be tough to have such a limited role in the investment (especially with limited knowledge/experience) and still be successful on your own.

Hardmoney lending is sort of like being a limited partner in a real estate partnership with a little more skin in the game.

Anyway, they were very critical of my bank statments and wanting justifications for all the "out of the ordinary" deposits we had.

IMO, it's one of our most dangerous laws and one that should be strictly limited.

Thoughts or criticism of my plan are encouraged