I want to try to post something every day that I'm interested about to learn more about this business, so here it goes.I'd like to know from experienced investors what your first investment strategy was that got the ball rolling.

Also how do I go about verifying rent roll and also what about the tenants security deposits etc.. the owner hasnt kept records or anything like that. 

Does the approach change, if you live near the property or if the property is further away (in state of out of state) There is no difference until you get to a size whereby you can afford pay roll.

Ok so here's the deal if you were buying it does it look good to you and how would you work the financing I would appreciate your input Rent roll.  70,380 and Rent is low for area maintenance management and vacancy 14,076 or 20% adjustable income 56, 304 utilities 593 a month equals 11,176 a yearTaxes 11,176 or 932 a monthWaterr 1, 944 or 162 a month sewer is included in the taxesInsurance 4,567 or 381 a monthtotal expenses 24, 800 or 2, 067 a monthNOI 31,505purchase price 370, 000Cap rate 8.5please tell me what your input is on this.

Overall - it can be done, but you just need to be really persistent and don't expect the first bank to just roll over and approve you.  

@Kevin SimmonsI think that you would be taxed on your total profits unless you did a 1031 tax exchange where you could defer taxes, and roll your monies into another property of greater value.  

It only takes one property to really get the ball rolling. 

And I got a call this morning from a tenant .   They wanted my insurance info . I am thinking something happened to the house .  So I asked what the problem was .  " We had friends over and you know that big tree in t...

There is indeed a difference :)Let this roll off your back.

I guess if you are selling a house as well you could skip your June payment if you sell in June and roll it into the payoff then close on your new property and not have a payment due until Aug 1 so would have skipped June and July payments.