I've got the cash ready and am keen to get started.

A couple turned into cash cows as Lonnie describes in the book. 

This is my only source of cash but I want to make sure I'm following all IRS rules.

For example, effective drainage is essential to avoiding future problems and maintenance expenses.

Yes, in FULL DOC and SIVA versions (depending on a number of factors like FICO, cash reserves, etc.).Regards,Scott Miller

Finding a property that cash flows is rare.

If your goal is cash flow to retire early, would you buy an 11% Cap rate deal with current interest rates?

Properties have to be purchased in cash the day of auction, so besides raising private money from friends and family, are there any private money lenders that will lend to me using this strategy?

I am looking to build my cash buyers list and am determined to get my first deal.

Right now you're earning 5.14% interest on your money, and you pay income taxes on every bit of that $1800 per year.Meanwhile, I won't even consider a rental property unless it pays me at least 10% cash-on-cash return and a minimum of $250+ in monthly cash flow.