1. Emergency Fund: Before investing, ensure you have an emergency fund to cover 3-6 months of living expenses, providing a safety net for unforeseen personal or property-related emergencies.

2. Stable Income: Having a reliable source of income helps manage mortgage payments and property expenses, especially before the investment begins generating returns.

3. Good Credit Score: A strong credit score is essential for securing financing at favorable interest rates. It can significantly impact the terms of any loans you take out for real estate investments, ultimately putting more profits in your pockets. I recommend signing up for Credit Karma, it is absolutely free (they don't even ask for a credit card on file).

4. Manageable Debt-to-Income Ratio: Lenders will consider your debt-to-income ratio (DTI) when you apply for financing. Having a DTI that is within acceptable limits increases your chances of loan approval.

5. Initial Capital: You'll need initial capital/$$ for down payments, closing costs, and potential property improvements. The amount varies based on the type of investment and your strategy. (I maxed out my 82k in credit cards, and 20k of my parent's credit cards, whenever I first got started. I also drove around in a 2006 Toyota Prius that had over 300k miles on it, for the first. few years)

6. Understanding of Financing Options: Familiarize yourself with the various financing options available, including traditional mortgages, FHA loans, hard money loans, seller financing and private lenders, to find the best fit for your investment strategy. This LINK goes through some creative financing options that are out there. Furthermore, Fannie May released a PRODUCT on November 20th  2023, that "allows 5% down payments for owner-occupied 2-, 3-, and 4-unit (multifamily) homes".

7. Knowledge of Real Estate Market: A solid understanding of the local real estate market, including property values, rental rates, and trends, is essential for making informed investment decisions. Your local REIA (Real Estate Investment Association) will be able to help with this.

8. Budget for Property Expenses: Beyond the purchase price, be prepared to cover ongoing expenses such as property taxes, insurance, maintenance, and potential property management fees.

9. Investment Plan: Have a clear investment plan outlining your goals, strategies, target properties, and how you intend to manage your investment to generate returns.

10. Risk Tolerance Assessment: Understand your tolerance for risk, considering factors like market volatility, potential for vacancy, and cash flow fluctuations.