I hate to burst your bubble, but...fair warning, I'm approaching you with a very sharp object.1 - Your priorities are skewed2 - Setting an ultimatum of "6 months" to get your first deal, can only lead to trouble...and result in you taking the best deal (even if it's a bad deal) you come across during that time period in order to make your "deadline". 

I have noted the upcoming Apr 25 meetup.Westchester MF are often closer to $500k and carrying costs are higher than CT due to higher taxes.We saw a short sale in Verplanck that MIGHT fit the need, but after much deliberation we passed since we had a harder time seeing us living that property (though the numbers were compelling).We are taking a very disciplined approach towards this acquisition. 

Just moved to Philly and don't have an income.I have a friend who is a part time agent feeding me leads.Not sure how to approach this.

It's actually a gold mine because you have much more control over your buildings and the residents in it and the Vacancy Rates are held incredibly low because rent-regulated apts are basically removed from the available housing stock, lowering the supply of apts, as well as other factors including AirBnB.I have also seen abuse go both ways where Landlords purposely harass tenants.

Hey Everyone,I was approached with a Quadruplex opportunity in the Baltimore area by a listing agent. 

You want to present yourself professional, very freindly and approachable, yet firm to your lease and policy.

@John Paul I like a broad approach.

Also, from a public records search, I can see that the bank has filed a law suit against the owners for nonpayment of their debt.My questions are:What is the best way to approach this deal?

I'd figure at least $5k, just to be safe.Unless you've got private money (who has an incredible amount of trust in you), you're never going to get a 0%-down loan on an investment property.

However 0% down is incredibly difficult to obtain, and financing for down payments is limited so you should use that money wisely and find a home that is better than just neutral.Some people say that banking on appreciation or rent increases is speculating, which is true but only if you view it in the short term.