Here are the key questions to think through before you get it going:1) what do you want to buy2) how much can we afford3) how will you pay for it 3) what are you going to do with it afterHere is how we tackled this challenge:1) Find a reputable and responsive agent to work with: we worked with @Sharon Tzib2) Get pre-qualified with a good and local lender that work with investors: we usedd Rochelle Frazeur from New American. 3) Use some good MLS criteria to set up lists with your agent3) Find out how to identify a good deal: We got our hands on some good cash flow analysis calculators (thanks to @Sharon Tzib) and we used the calculators on BP as well4) Make neighborhood visits to those areas of your interest5) Find other venues to meet up with other investors or go to workshops and meet up's: We've attended BP meet up in Houston, events with Jet Lending, meeting with Wholesalers, and we've met one-on-one with other investors6) Look for non-MLS sources to find properties for sale: wholesalers, and local listing through Rich club or word of the mouth7) Talk to the property manager if you are planning on using on.

It is a great feeling to roll another hard-working property into the inventory! 

Currently living in apartmentWorking full time as a management consultant and also in grad schoolLiving below our means and currently building savings for emergency fundsBlessed with a promotion that will allow us to build savings at a faster rateEstimate to have $30k in savings in 12 months time (depending on how well I control my Chipotle cravings :) )Plan for first property acquisitionfirst property will be primary residenceFind distressed / REO property (4/2/2)use FHA 203k loan to roll in rehab cost and put 5% down (heard doing 5% instead of 3% means no PMI, need to verify that)Plan for investment property acquisitionsAssume rehab yields 25% ARVUse HELOC and savings to purchase first and subsequent investment properties as soon as possible.Overall I'm looking to force equity in a primary residence and use HELOC and savings to start acquiring properties.  

I have renovated every unit and increased the rent roll 25% on average in all of my units.  

So, hopefully, your cards are spread out amongst Discover, Chase, Wells Fargo, BOA, Cap 1 etc...The pro's of using credit cards are all you imagine Easy AccessUsually deposits within 10 days of requestLow cost (mine are 2-3%) for 15 or 18 monthsThe 2-3% fee is rolled into the balance, so I don't really even pay that up front.The cons I've found to be as follows:After about 40 days of cashing checks, my credit score drops about 50-75 points and it takes 4-6 months for it to rebuild after the balances are paid.

We're starting to look at FSBO or finding that pre-foreclose before it gets listed.Does anyone know a good method for finding these properties?

Thanks Tom, I really know very little about Cleveland except for the Rock In Roll  Hall of Fame and the Fact the Lebron is from neighboring Akron.    

Typically agents do not have those types of relationships, so once you get the ball rolling, you should make an excel spread sheet of all the offices in the area, and just start calling.  

The bank i have been talking to wants to do a construction loan but they aren't so forward about the details of the loan being loan term, interest, down payment, and if i can roll my first 6 month of loan payments into the deal.

I have just started looking for a bank and applied for pre-approval for a loan.