I am newbie here who has heard real estate is a great way to build long term wealth.I would like to get started but with a bad credit  history I find it extremely diffcult.Still the financial longevity well not only be statisfying but the peace as of mind will put me at ease.

Maybe $20k if your rehab is on the low end.

@Bonnie Low.

Factors like low unemployment, several major employers in the area, good rental demand might help me determine whether to purchase in a particular area.  

The property values in Milwaukee are still quite low.  

Like the old-school feel of excel :) 2) Keeps real estate transactions separate for tax purposes3) Easy to fill in expenses and income on a monthly basisIf anyone has any tips, or even an excel template they would be willing to share, that would be extremely helpful!

Lending on primary residences is extremely regulated.

ONLY focusing on your preferred/necessary number, and being able to justify low Offers to Sellers, should become easier the more times you make Offers.If the numbers and/or your finances don't look comfortable for you at $38k, learn to say: no.If you end up getting every property you make Offers on, what can I say?

It would be a low doc loan, so we only have a few underwriting guidelines. 

I'd go to your county courthouse, there is usually a desk there for free legal advice with an attorney, or they can hook you up with a low cost attorney.