I'd consider other uses for the lot and if you can buy that lot with your down payment, setting it aside from your sale, any financing wouldn't attaché to the lot.That gives you a free and clear lot to pledge for a construction-end loan for additional units.

As long as the media keeps pumping "high" unemployment and "declining" population, we will be able to have a field day with no competition and very undervalued deals.At the end of the day wherever you're looking to invest make sure that you have established trust and relationships with key people on ground that will always have your best interests at heart.Don't become another foreign investor succumbing to shady operators here in the US.Thanks and have a great day.

Has given me a lot to think about now. 

You may lose on the profits but you share risk's and benefit from the connections of someone already established. 

Once I establish myself and begin to generate cash, I would like to look more into investing in rental units and flipping properties.I would prefer to be involved in the real estate business in the Pittsburgh and State College areas.Any tips on getting started are much appreciated!

So, I believe you can build your portfolio with limited capital by finding great deals, and any possibility of finding great deals with limited capital for your portfolio has a lot to do with your communication and building rapport with the seller.

I'm establishing relationships with community banks because they're less concerned with my employment status and more interested in the return on our future investments.

@Ryan Cauzza Hey Ryan, I wish I had a more established set up so that I could offer you an option like some of the others that have posted, it would be great to be in that position for many reasons.However I would offer you some thoughts to consider.

It's very important to use a portion of your card in order to establish revolving usage history.The sweet spot for subprime revolving utilization is usually around 20%, maybe less. 

I was shocked at the deposit the electric company wanted unless I cosigned, and can't imagine the burden it puts on young people trying to establish themselves.