The return in this circumstance is based on the model of truly uninhabitable low priced residential property that will rent after bringing the property up to speed, and nice return on the loan interest that you receive.

For me, this falls under on of my 2 Golden Rules to REI:Golden Rule #1:  Never under any circumstances, and rationale, any reason, any excuse, any urge, any time...spend your own cash/money.  

People I know who do this well find their niche and neighborhoods by circumstance and at the right moment in time; some admit this outright, others act like it was strategic and have no empathy for people starting out who don't have any specific factor pushing them into one specific area at the right time.Meanwhile, I have a large area to consider, and it's not exactly a buyers market – I'm looking at all of LA County and beyond.

So, relax, and try to enjoy your stay in Miami, of course, giving the circumstances.  

We've had a tough few years, so I don't have a lot of capital to work with right now (which is part of why I'm doing this....I'm tired of letting debt/circumstances kick me around!

This is something you only get one of in your life except for certain circumstances. 

Options vary depending on servicer and investor guidelines, as well as borrower and property circumstances.

That typically requires 3 years of real estate experience but the real estate agency can waive that for special circumstances with people with experience.

Under these circumstances, how can I take my first steps into real estate?

Due to circumstances I reluctantly sold it to another investor for $67k, making $15kish in about 30 days.