@Cary Ferguson Jr guess it depends on how low rents dropped during that recession, but based on what rents dropped to last time during the recession in this same area..I think I'd be fine. that's what I find so odd?? 

I have jumped into real-estate investing in the last year.  

Unfortunately the purchases of the last ones have not been long enough for them to appreciate to use them as sources of another down payment.

When you're scheduling week long projects, you don't want people flaking and backing out of the contract last minute. 

I've worked in advertising sales for the last 8 years and have been a home owner for 7.

I can explain the mechanics.Regarding that price point, it would make sense to go with a 2nd lien vs a 1st as the firsts we bought last year for similar investors turn out to be such low valued houses that unless you rehab them, you will not make little to no money.

Last recommendation would be to read the BiggerPockets blog in the Finance / Tax section.  

I've been surfing the forums and listen to the podcast and webinars here on BP for the last 6 months and have learned a TON... wish I would have found this place before we spent $20k on a guru, but you live and you learn I guess!

I have the concepts and did try once but had to back out without selling it at the very last minute.There is a fantastic book from BP that will help you as well with some concepts and learning ways to invest with little money: http://get.biggerpockets.com/nomoneydown/

Last night at the BP meetup @Dawn Brenengen said she would tag along for the ride, and @Alexander Felice said he can swing by once we get there to add some local knowledge/input.