@Rob Randle, I think you only have to season the rental for one year, but it may be two.

So take my answer with a grain of salt.I am under the impression that you would have to wait 6 months for the “mortgage to season” before you do a cash out refi, or a second mortgage.Just FYI if you paid cash for the property there is an option where you can refi in the first 6 months, again though it would have to have been a cash purchase.

Modification of notes seasoned after 6 months minimally preferable 12 months can be sold off in bulk from 70 plus cents. 

I often hear you don’t need money but that is only true for seasoned investors.

Another issue you may have is seasoning. 

(equity/discount)Great response btw, but my question now is, is this really possible in today's market/climate to buy a seasoned performing note (with equity) for 60-65 cents on the dollar?

Luckily, I have never had to evict but just "dodged a bullet" on a tenant I inherited with a purchase.  

@Christian MartinezSince you're admittedly new to this arena, do yourself a big favor and find a seasoned investor to partner with.

Although I'm really interested in getting my first rental to start my 2 year seasoning period as a landlord, I'm definitely running the numbers every time I come across a property.

If you are in Washington county than check their specific rules.I would highly recommend you get it rented sooner than later as the high AirBnb season is March-October.Finally I would be cautious with the superfluous use of the semi-colon.