While local investors and larger equity players compete to acquire aspects in their respective spheres, debt capital has also become more abundant and competitive.

I initially started with a belief that we could form a REIT but after a few Google searches it seemed like the regulations to acquire this structure did not seem attainable.

As we get closer to to acquiring our first property, we were wondering at what point should we attempt to look for a PM? 

As you acquire more debt, in this case real estate being good debt, versus credit card debt (revolving), which is bad debt, you just need to be open and honest in the interviews and there won't be any issues. 

You can definitely acquire the property and get help as you need it

What are some of the things newbies should avoid(besides not paying 20%) when acquiring their first property? 

Hello Michael,When did you acquire the land? 

If you don't have the funds outside of your accounts to acquire real estate, perhaps you could make a loan to yourself or something?  

What can I expect to acquiring the 6th and 7th purchase? 

@Bret Rubash,To meet other REI people, you can attend REIA meetings to find others who share your interest.To get funding, learn how to attract and engage private lenders.A way you can learn to raise cash quickly is to acquire properties needing repair far enough below market that once you've completed repairs the fair market value is greater than what you borrowed from your private lenders to acquire and repair it.