In order to do this you need to have deal flow and you need to know 1) How to recognize a good, profitable deal, 2) How to put together funds quickly to buy the deal before someone else does and in such a way where you are protected and the deal is protected, 3) How to run the project so that you follow the budget and don't overspend or overbuild, 4) How to attract an end buyer or a renter and which documents to use to protect yourself and the buyer, 5) If you are going to keep the property then you need to know how to set up the property from the start to best help you in the refinance later, and 6) You need to know how you are planning on managing the property from the beginning in order to make sure it will be profitable at the end.

I would like to start close to home as I plan to self manage the rental side of it.

What's the plan with the property?

Some other factors to consider - How long are you planning to hold this property?

Suggest you get your game plan in place first then go forward once you have the goal in sight.

One place that will soon become a rental market heaven is an area around Johnstown/ New Albany where a huge Intel plant is under construction with plans for thousands of employees, not to mention the contractors there now. 

Hey Jacob, do you plan on expanding the portfolio?

But if you lay out your plan to the owner over the phone, it's very hard to get a "yes" because trust is developed with a face to face meeting.Trust can be established by talking about your past record (as an investor) but also if you have something positive about yourself (profession - real estate agent, nurse, teacher, fireman, doctor - any profession that can give you some added credentials).#4 Owner vs.

We are seeing a lot of investors have success with this strategy with plans to hold the properties they are rehabbing as rentals for several years before selling.

@Olga DaiselI think we are lacking some key details of your plan.