If you are new, be sure you can raise the funds before proceeding.In my opinion, you are going to have a hard time raising money with a 6% pref and 70% of the profits after that unless you have a lot of newbie investors in your Rolodex. 

@Jason Weidmann what do you think of every agent responding telling you to go, go, go!

@James Tobin  yes FHA will be a very low downpayment option for you.

Step 3: Compare build plans / specs to decide what you want to build.

After listening to hours of the different BP podcasts, I decided to just go ahead and join so I can have more community for guidance and learning and moving towards my first deal.

Credit is also going to hinder your ability to get a heloc, and lack of income for now. 

Go to BUILD YOUR TEAM at the top of the screen and look for local investors or meetups in your area.

You should talk to a lawyer.

But you have a few different options.

I was originally drawn to it because I wanted to have one place where all my tenants paid rent and where they had the option to set up auto payments.