@Rob Randle, I think you only have to season the rental for one year, but it may be two.

So take my answer with a grain of salt.I am under the impression that you would have to wait 6 months for the “mortgage to season” before you do a cash out refi, or a second mortgage.Just FYI if you paid cash for the property there is an option where you can refi in the first 6 months, again though it would have to have been a cash purchase.

Modification of notes seasoned after 6 months minimally preferable 12 months can be sold off in bulk from 70 plus cents. 

I often hear you don’t need money but that is only true for seasoned investors.

Another issue you may have is seasoning. 

(equity/discount)Great response btw, but my question now is, is this really possible in today's market/climate to buy a seasoned performing note (with equity) for 60-65 cents on the dollar?

@Christian MartinezSince you're admittedly new to this arena, do yourself a big favor and find a seasoned investor to partner with.

I know a fair amount of JV players in California and some who would consider Colorado if the deal was enticing enough.  

Although I'm really interested in getting my first rental to start my 2 year seasoning period as a landlord, I'm definitely running the numbers every time I come across a property.

If you are in Washington county than check their specific rules.I would highly recommend you get it rented sooner than later as the high AirBnb season is March-October.Finally I would be cautious with the superfluous use of the semi-colon.