This is a numbers game. 

They then pulled the same game on a $25,500 REO and sold it for $150,000.

Note: the local bank may want you to have some skin in the game so it is likely that you will need to put 10% out of pocket. 

I run a mortgage and real estate office in LA and have worked for multiple investors looking to get into the SoCal rental game.

@Rick Pozos This thread is exactly what my heart wants, the whole BRRR process but I find myself in exactly the same position as OP which is $0 in the game.

I told him I'd be at $75k (what I bought the house across the street for), but encouraged him to get a CMA from a realtor and was off to my son's bb game. 

I find it interesting, as a new person in the real estate game, how incredibly defensive this forum is. 

Every person was wanting to get involved in stock market game and is the same today as regards to real estate rentalsroofstock is selling build to rent houses in memphis for $190kish. numbers dont make sense to me but will to first timers who will be given the logic that no mainteance for ten years but that maintenace is built in the price of the house. 

Hello fellow bp members I new to the game and very eager to start making offers on some property.

If you are purchasing another rental, I would establish that rental in an LLC.