In a  hot market for rental, I would consider not applying the vacancy rate when buying, but we have a plethora of rental housing coming online soon or already have competing with each other in this market, so I'm trying to be conservative when buying.

Learn and learn and learn and save until you find a good deal.

Assume the hard money loan amount is $250k, that's spending $75 on an oven (that you get to keep) to save $7500 in points (that you don't get back no matter what).

About two months ago I was tired of telling myself that one day I will get into investing and I didn't want to wait 8+ months to save up enough to start investing, so I took out a personal loan for the minimum amount my friend would partner with me on a deal for and I jumped in.

Or is there a better way (other than saving over time). 

I have a duplex that is basically breaking even but we will save $550 by going from a 5.5% fixed down to 3.5% on the remaining principal (no cash out).

I read online bios on industry pros that started with one hotel and now run management/investment companies with 30 hotels across 9 nine states, etc.  

I have saved $20,000 so far and I would like to invest it wisely.

I have a decent amount in savings, but I would like to build additional investment capital before I purchase my first single family home.  

I was in love with micro lending until the account hit 5 digits and I started to get nervous, so I opened a Prosper account to build that and when that hit 5 figures I started saving for my first rental.