To acquire funding, close on a house, and get a team together to start rehabbing it before the end of September. 

There are several viable strategies available to you, you just have to pick the one that works best for your personality and follow through.Some say pay the highest interest debt off first, then the second highest and so on.Others say pay the lowest balance debt off first, the the second lowest and so on.With your free $1,000 a month you could choose to put it all towards debt pay down, or use less than all if it for debt payments and the rest for saving and investing.Personally I paid my lowest balance debts off first (now I only have one left) and I have always saved and invested so I have funds for opportunities that present themselves.

How did you find and fund your first deal?

- Are the funds generally open-ended with no particular exit strategy?

We use private funding to pay cash for properties and then refi out (BRRRR) into bank financing.

I'm told that there are some banks that will fund 75% based on the after repair ARV.  75% of 1.2mil is $900k

Should I fund this account with personal money, and then pay out of this account? 

I have been trying to get started but I'm not sure what the best strategy is given I have limited funds for my first deal.

@Steve Uhlig they typically aren't giving them the repair funds up front. 

It depends on what other funds you have and your W2 income.