There is a lot of work involved but it is very rewarding.

Hello GeorgeI congratulate you for even being in a position to think about purchasing an investment property but I think you would benefit more both short and long term if you improved your existing situation before you pulled the trigger on any type of purchase.First of all, your 600 FICO will make your decision as to which type of loan you want to proceed with a lot easier than you think.

I have an environmental remediation company coming to check it out.once rehab is complete it should rent for 1400-1600Brief synopsis of rehab: partial roof (maybe more, there's a sag), sheetrock over existing paneling and paint.  

As you can see I'm in need of some direction and need a place to start concentrating my studies so I can break into the business.I am so happy a community like this exists and have already been reading tons of articles, blogs and posts.

I want to teach all of my daughters the important things in life, like the importance of a persons mindset about what they can accomplish and how hard work is its own reward beyond the monetary return.Wealth is a consequence of passion properly executed.You can quote me on that.

I plan on taking a small portion of my profits and doing something special to reward my wife and myself.  

You can always transfer your existing properties into a trust or an LLC.

About me:Towards the end of a long rewarding career on the Cuyahoga Falls Fire Department and as a Rescue Squad Officer on DHS/FEMA Ohio Task Force One, I began investing in real estate, both from a rehab/turn-over and a buy-and-hold approach.

If your talking about something less than 30k then the risk isn't worth the reward. 

They're out there, but picking up properties with enough equity that making it interesting to investors and borrowers are willing to walk away from is a rare thing indeed.To answer your question though, there are opportunities to pick up properties subject to existing financing by just paying the reinstatement fee (which are usually $thousands).