(Somehow she has managed to save a full month's rent security deposit.)

Although it does give you the time to save up the required downpayment and reserves

All of my purchases were buy and hold.I'm sure being on the ground there can save you money and give you access to better deals, and if you're interested, I'm happy to refer you to the people I work with.I have an agent, lender, and property management company there, and everything I've done so far has been hands-off, except for a minimal amount of project management, and researching the deals.

The partners I used basically had cash sitting in a savings account.

@Darren Sager I have been reading information about wholesaling properties.It appears this method would give me the opportunity to be able to make and save money so that I can invest in my own properties.I have a full time job, I wouldn't have to worry having to use the profit for my expenses.Just a thought, due to me have no resources.

If you are a professional that does not actively own and invest in real estate, then I do not want to hear from you (harsh but it will save us both time).

I will also probably just use a property management company to play landlord (possibly http://www.hallmarkrentals.com/) I was also thinking of just living in it for a year to save money as well.

Not only will you save on the costs of setting one up, there other costs you will incur, such as adding tax filing fees.Others can chime on the timing for an LLC, but I probably wouldn't do it until you own at least 2 investment properties.

My first property, I worked with someone who had no kids, no debt, and a good amount of savings and was tired of the <1% return in the bank.

This could save you some time rather than shopping around all the banks yourself.