I don't have any earth shattering secrets you can't find in books, but I can share actual experiences, timelines, prices, rehab costs, insurance costs, rental roles, property management and tips for how I've created a 19 unit portfolio worth almost $1M and generating over $100k annually inside my IRA, starting from a relatively small initial investment.  

If he does so, offer to give him a good reference.I cant imagine talking to a lawyer over 50 bucks.. just take the check.. write them a nice letter and tell them that the late fee should be on the next rent payment.I have seen so many landlords step over dollars to collect pennies.. you going to evict someone over 50 bucks and now have vacancy with the risk ( depending on your area) that comes with that and the lose of rent.. this to me is just not wise move.. 

My initial projections based on a buy and hold analysis are:$1550 a month in income(Lots of assumptions here)$904.78 monthly expenses(Including maintenance, management, and the vacancy rate)$645.22 monthly cash flow23.45% pro forma Rate$9240 net operating incomex 50% for expenses equals $775Monthly interest/payment equals $124.78Total monthly cash flow using 50% rule equal $65082.90% cash on cash return on investment30.90% purchase cap rateTotal operating expense $780 dollars a monthAs I stated earlier, the house is close to downtown and the State University.

After listening to podcasts, reading a few books, and reading this blog,  I feel that I am ready to take that next big step. 

I've been listening to the bigger pockets podcast for a couple weeks now and am looking to make the first steps in investing.

He has answered all of our questions about the process and the steps that need to happen, however, we would like to speak with investors who have been through the 203k loan process and have used these loans to fund deals.

First step is a very rough estimate to see if the property is worth evaluating further, next is a detailed estimate on your own when you go out to view the property if you do so that will decide if you want to make an offer. 

My initial desire in real estate has been to do a house hack, preferably in a multi-unit building in order to rent out part of the property.

You need a good Qualified Intermediary on your team for any kind of 1031, so that should be your next step regardless of whether you intend to purchase a new build or an existing property.

That's an important step!