No money down is possible...

But you always gotta pay somehow!
We have done many zero down deals, but they always seem to cost the most! Time, effort, fix-up costs, interest, they will cost you somewhere.
Not that that's necessarily a bad business model. If done right, it can be the perfect solution for broke investors (what other kind is there when starting out?) to substitute something else for cash down.
Just make sure you can get CASH FLOW. Without it it's a false economy. You aren't putting any immediate cash down, but you will be every single month! That is not path to financial freedom. I like real estate, but not enough to pay every month to own it...

Great time to be a landlord!

People always make excuses as to why it's not the right time to buy rental property...the economy is too bad, the economy is too good, interest rates are too low, interest rates are too high...
Fact is, we have found it's always a good time to be a landlord! Ya, sometimes vacancy is higher or lower at one time or another, but there are so many factors involved don't over think it.
Boils down to this: people are always going to need somewhere to live! There are millions of people out there that can't/won't or aren't ready for home ownership. If you own quality, inexpensive rentals you will always have customers wanting your product.
One of the more recent developments are the "Millennials" Check out "5 Reasons Why Millennials Would Rather Rent Than Buy" and "Apartment living becoming ideal for millennials".
Gear some units to this group! Smells like opportunity!

Vacancies

People ask me all the time "what about finding tenants?" Well, If you chose the right kind of properties in the right areas you will never have a shortage of good tenants who want to rent your units. If your units are clean, safe, updated, you will be ahead of most of them out there. Even in times of high vacancy, yours will fill up first, and will stay filled the longest.

Remember, buy with the eyes of a tenant. Ignore the things you know you can fix, but look at each unit as if you will be moving in. I'm talking here mostly about neighborhoods and layouts. Picture the unit after fix-up. Would you want to live in it? Is it functional? Or are there hard to fix layout problems, like a bathroom that you have to access through a bedroom (though should be fine in a smaller one bedroom or bachelor), or a kitchen with the sink or refrigerator in another room?

Remember, you don't wan't a place where you have to do major renos to fix layout issues (unless it's a screamin' deal!)

Something to think about...

Success doesn’t always wear Brooks Brothers suits and Gucci ties. It can also wear jeans and flannel shirts, coveralls and work gloves, or skirts and blouses.
Nido Qubein

But...

Not every fixer is a diamond in the rough! Some places just can't give you the benefits you need to make money. Some owners will think think the value is much higher than you do, or they owe too much on the property to sell at a reasonable price. Some places just aren't layed out right, are structurally unsound, or are in an area that won't attract decent tenants. Some places just don't justify the fix-up costs for the return.
The ideal property needs no major layout change, is functioning presently as a rental, and just needs updating, a good cleaning, and possibly new tenants. These are things easily fixed, that almost anyone can do themselves without a contractor or permits.
We also look for basements, separated utilities, parking, and good fire separation between units. Bonuses are big ticket items that are already done, such as roofs, HVAC, electrical, etc., that can kill the budget!
We are not beyond major reno's if the return is worth it, but remember, you are a real estate investor not a contractor!

Run Down? Check!

"welcome"

Dirty? Check.
Smelly? Check.
Ugly? Double check (tenants and property!).
This property seemed to have the right things wrong to make a good cash flow deal. Good location and layout are secondary (but still important) to a great buy, but ugly and dirty are what is going to get you flexibility in price and terms.
You need to learn the skill of looking beyond the dirt, need for updating, and deferred maintenance to see what it will look like after fix-up. This takes practice, but once you have this ability you are well on your way to getting ahead in the cash-flow game!
This is from Julie Broad, in my opinion one of the best "Gurus" we have here in Canada:

the biggest goldmine for you as a buyer … you (hopefully) can see what a clean up and a little updating can do to a place. Few other buyers can.

I Love Tenants

No, that is not sarcasm. Our tenants make us rich. And they ask so little in return (well, most of them anyways...), a clean, safe, maintained place to live.
Your landlording skills are probably the most important skills to learn to become financially independent, ahead of choosing properties, negotiating, etc.
Not learning good landlording skills can destroy your real estate investing dreams (and your property!) pretty quick. If you absolutely can't deal with tenants, you could hire a property manager, but I recommend managing your first few by yourself. This way you see what it's all about and who knows, you just might realize it's not so bad after all! Your fear quickly disappears when you become familiar with it, and learn the applicable landlord-tenant legislation for your area.
Or you can do what I did - marry an awesome property manager!

Don't Be A Slum Lord!

Not that I don't love slum lords...It's because of them I've found some of my best deals! Namely power of sales and huge discounts due to huge problems with both the tenants and the property.
Milking a property by accepting the income but not putting anything back in is not only bad for business, but gives all landlords a bad name.
When you wan't to sell, (or are forced to!) you will have to sell at a discount due to the properties problems, that is if you can sell at all!
When I say I buy crappy fixer rentals, I don't mean they stay that way. We fix the issues (tenant and building) and can get decent rents because we make it a decent place to live. We usually figure on 10-20% of purchase for fix-up costs.
You can't get something for nothing...if you are going to accept the rents, accept the responsibilities as well.

Why?

I was in my early 30's on my way to my middle management job when suddenly I can't talk. Everything seemed like it was a foreign language that I couldn't speak or understand. What the hell? Drove myself to the hospital emergency and stared at the receptionist until she walked me in to an exam room. Doc checks me out, and orders an MRI. Brain tumor.
Shit.
Stay at home wife, four kids, no life insurance, no savings, no RRSP...
I needed the quickest (legal) way to increase my almost non-existent net worth and provide an income for my family, and I only had a few years to do it in (my predicted lifespan). After looking into the most obvious choice, real estate, I formulated a plan.
I would buy dirty, crappy fixer rental units, clean and fix them up, rent them out to good tenants, and refinance them so I could buy more.
Why buy fixer rentals? Lotsa reasons, but the best one is THE MONEY! Ya, the reason we all got into real estate investing is all about, like Kevin O'Leary always says, "the Money".
The reason you can make lots of money with fix-up rentals is that you can buy 'em cheap! You can also get all kinds of great terms from the seller (mostly because nobody else wants to buy them!). Were talking heavy discounts, owner financing, flexible closings, etc. If you're the only offer the seller has had, chances are good he'll take what he can get! You can then force up the value, and make huge amounts of instant equity which you can then refinance.
Well I did it! 14 years later and still going strong (thanks in large part to my ultra low carb diet!) and enough cash flow to not just survive, but to enjoy life, as well as a portfolio of properties valued in the millions. I won't say it was easy, but with motivation, it is possible!