Richmond is a great town to start in with the economic growth underway so I'd say you're well positioned geographically. 

In the REI world this translates to the ability to find out how to understand something that you didn't yesterday.  

As other members have posted this gives you control over your first investment and the ability to gain experience in being a landlord etc...

Next, land contracts are not the way to go, IMO, use the search box, "Land Contract" and do some reading of recent forum posts, and a place that needs repair will have added issues with permits and contractors in some cases, you are not the owner in title.As to refinancing, yes the project will be viewed as to the ability to cover the debt, shoot for a debt coverage ratio of 150%, income from the project being 150% of the debt service required.

I know when I get an offer with more than the standard few, I favor the other offers.I only have two...and they are usually a part of the standard PA anyway.1 - Contingent on my partner's inspection (this covers a quick out in the beginning if my inspection reveals problems).2 - Contingent upon ability to acquire financing with terms approved by the buyer (this covers me for both my EMD recovery and exit from the deal at the end).

I also have the ability to use the equity in a home that is paid for and worth approx. $120k. 

Even with info from a pay site you may need to develop you own detective abilities.

Also, many questions regarding LLC/Taxes/growth/mistakes/location, location, location, etc.Look forward to the adventure, relationships and experiences ahead!

Back in the old day, you could trust a tenant with a handshake but now they lie about their credit, they lie about their ability to pay, they lie about their criminal background.

As you read the forums and listen to the podcasts you will see that many people get started that way.You have the ability to put a 5% down payment on a property at a low interest rate while your tenants pay down your mortgage.