I would also suggest you join a local REIA Club, meeting or group as it is the best source of finding out what is going on in your local market and is a great place to make connections with other real estate investors and contractors.

We meet every third Thursday at the Hilton Garden Inn.

I'm an engineer with a background in finance.Would be great to meet a mentor that could lead me in the right direction so I can get started on the right foot.My goal is buy and hold for rental income--build a portfolio.

Any one know of any REI meetings or groups open to Newbies and location, costs, etc. in this area?

Do they meet your criteria? 

Have you considered joining the Central Arkansas Real Estate Investors Association (www.carreia.com) to network and meet other investors.

Lenders use a formula to make sure the cash flow and LTV meet their minimum.You can find 30 amortization due in 30 mortgages for investment properties starting around 5.5%.

You're retired as soon as your passive income meets or exceeds your ongoing expenses.

Looking forward to potentially meeting some of you!

Since you already have a deal in mind, I would recommend you attend the Deal or No deal meeting this month put on by the real estate investors group, CARREIA.