Average and median are not the same.Also understand that there are likely a number of factors you should be considering.A large positive for LV is the fact that the population keeps growing.

In 60 days, you will get positive remarks all around on your credit.

I have recently bought properties in Madison, WI (college town, great investment area at the first time homebuyer prices), Decatur, GA (nice pocket in the Atlanta metro area) and am looking at one in Miami (I know, Miami, but the rent is great and the equity position is phenomenal).

I have to assume that it is cash flow positive ... if you drew the equity out of it to get you into your next project, would the current rental still cash flow?

I have an approval on two properties, one 10 units and one 9 units. 10% down on each, positive cash flow about $850 on each.

The developer may well say "you're cash flow positive" because gross rent, $2400 or $2800 if you believe them, is more than the note.

Save money for awhile.The easiest way you might start is trying to position yourself to buy a small SF house, live in it, make the improvements over time and in two years take the gain tax free.

thank you both for your wise words, well anyway i guess i'm just so anxious to do my first deal. especially a deal like this were the homeowner is in distress and states to you how much equity is in the property (i know i'm a beginner, but i don't see how he'll benefit by lieing to me about the amount of equity in the property, because he already stated he doesn't want to sell the property, and i already stated to him i'm gonna view the property/mortgage paperwork)well anyway i must say i agree with you both, from first look it seems the best way to do this deal (thats if all the number are right) will be to purchase the house for the amount left on the mortgage, and give them moving cash and etc (this way i'll have alot of instant equity within the property, which i could either wholesale to another investor or put it on the market at a small discount and sell it retail because of the properties perfect condition, then i could even try a short sale to build up more equity to make the two above tactics more profitable for me)now the only tactic i can think of that would work, were they will get to stay in there house and will be profitable/beneficial to me as well is to then purchase the property real cheap (whats owed on it) and offer to lease option it back to them at a higher interest rate and at a higher property price, but i think this tactic will be risky with this individual because of his credit and the nature of work he's in (construction were some parts of the year your without work and tring to collect unemployment) so this is what i plan on doing, i first plan on putting together a list of questions i must get answers to at the tuesdays meeting i plan on having with them, then i plan on explaining the whole foreclosure process to them and the uphill battle they face (which i hope will change their position about not wanting to sell their house under any cumstances), then i plan on making a smooth exit and letting them know i'll be back in contact with them to let them know what i think their best solution is to solve their problem (this tactice is to buy time, so i can really cruch the numbers and speak with others to really figure out the best win-win for everyone, thats if their is a deal their)if anyone has any other suggestions please let me know

I do have a pretty good position, though I've been cutting back recently.

I have slowly been positioning myself to start a resedential rental business.