(For this reason, you could consider asking around for a first-position HELOC from a local bank, erasing the issue of collateral.)I use a first-position HELOC because the reward, as I see it, is the greatest of all options.

Owning a fully paid for home is ultra safe and low risk, however with that low risk also comes lower financial rewards. 

If you find out what will be rewarding for YOU, you will love it and continue to do it.

You can do well with them but there are a lot of due diligence details and risks that go into them, and I just don't think the risk/reward is the right balance for a new investor.For non-MLS properties, you'll have a tough time getting them from agents since they usually list them as soon as possible.

If the tenant has $1000 in disability payments and Section 8 $1000 voucher and $500 in food stamps totaling $2500 and your income requirement is $2500 then you could not deny biassed on income.   

What are some things to take advantage of as a 16 year old working a fast food joint?

In terms of the extra time and efforts, it usually worth it but the rewards are more significant when you have more properties to manage rather than 1.  

You may not cash flow really well right away, but over time as equity is built you will have alot of money to play with and thereby leverage into larger and more rewarding opportunities.

Second one we put down some nice traps and bait and coached on keeping her dogs food in closed container instead of under the sink open.

Perhaps food for thought there if you do decide to buy it and rent to contractors.For our posterity Ill 2nd @Jon Kelly.