If you have all that then you are in a position to partner on a deal and thus finding someone who has the hands on experience to take over the aspects you aren't comfortable with (while still allowing you to "watch and learn"). i.e.

What are some strong employment / good school district markets that are generating positive cash flow?

In CA, I think Prop 10 repeal has some impact on perceived pricing of rental properties and the results from November voting will give us more clarity on whether prices will start going up again or drop further.

In short, reading quality books and networking locally are two of the  most impactful things you can do to be successful!

A hard money lender will not lend unless they are in first position.

On the positive side, I feel that if I can buy this thing whole and stick with it for a year or so (renovating along the way), I will have a solid foundation for a real estate career.

My client secured their contract position with a $1000 deposit.

If they are floating, the may go up each year which will impact your cash flow.Your best bet is to secure a loan with a term length that is longer than your projected hold period.

If you need any guidance at all on how to put you and your agent in a better position to hear back from the sellers in a more timely fashion let me know.

I started a journey back in 2015 towards financial freedom with a goal of acquiring 50 units in 3 years time, and yesterday I was able to acquire a 19 unit value add apartment building in Berwyn with my partner @Scott Skinger With the 19 unit acquisition, I have gone from 0 to 52 units in just over 3 years time.Not only have I reached my personal goal of topping 50 units, but I also get an opportunity to re position a desirable asset in a growing neighborhood.