As for other options, its tough for newbies as the fix and flip programs have min experience requirement. 5 % down on a fixer and finance the rehab yourself may be another alternative if its feasible but its tough right now. 

Your strategy might be very dependent on where you are located as cash flow REI are not feasible in some areas.  

So in a economic downturn as we were, with mortgage resets that would place servicing beyond financial means of many, an exit strategy of selling or refinancing was not feasible for a significant ratio of mortgage holders, it was that combination of factors that carved out the depth of the the 08/09 collapse.

So the thought of taking calls about a leaking toilet doesn't sound like something I'm feasibly able to do at this point in my life.

@Joel Owens @Jay Hinrichs Totally agree with this statement because Clayton Morris was selling a product people somehow believed to be feasible? 

The seller at this point wants the notes to go with but I was thinking turning around and selling them right away to a chunk of money back and increase IRR but not sure how feasible it is though. 

Keep in mind that waiting for the right property is better than compromising on a critical factor that could affect the profitability or feasibility of your investment.

Then, after 6 months or a year, whatever is required, do it again.If you own a home and house hacking is not feasible, start flipping if you have the time and inclination to build up your cash reserves and then begin holding once you've built up your cash reserves. 

I have about $40k to put down, but it doesn't seem feasible or worthwhile in this current market here. 

I'm learning the basic terminologies, types of places, and feasibility of doing things all rather slowly.