I already have an investment analysis workbook built that tells me everything I need to know to make a purchase decision, NOI, COC, ROI, and if the property will achieve the appropriate coverage ratio to be funded. 

@Jerry Velezif a property is owned outright with no mortgages, debts or liens on it, then it can (potentially) be purchased on seller financing. 

Purchase price: $275,000 Cash invested: $294,000 Sale price: $355,000 Seller was behind on pay HOA payments and in risk for losing the property.

Quote from @Jaren Taylor: Quote from @Stuart Udis: Depending on the transaction sizes you are pursuing, raising money to purchase property without debt requires either an incredible network of relationships or devoting a lot of time and effort to raising money.

Purchase price: $205,000 Cash invested: $60,000 This was the first property I purchased.

That ensures you don't spend it on other things and know exactly how much you have to spend on the next purchase.

There is another location I found after we had purchased this.  

. $220,000 is definitely a lower purchase price amount and really limits you on what you can buy.

I am learning a lot about real estate and want to purchase a rental property in my area.

Are you purchasing as investment?