Newbie?
I don't know how to describe myself. I have a daytime job as a forensic scientist. I bought my first home in August. I got my license as realtor two weeks later. After taking a couple of course courses on becoming a top producer in R.E., I quickly realized that the real money and wealth lay on the investment side of the equation. I have since taken a BasicRE Investment and a R.E investment & finance course. I am also registered for the advance RE finance & investment and Distressed Properties courses, at CUNY Baruch, in NYC.
I hope to purchase an apt bldg (18 units min, with an cash flow of at least 130k after total expenses, excluding debt service expenses), with 4-5 other like minded and motivated individual as an LLC. I want to set up and do this deal, I am the only one that is cash strapped. I can probably find a property for one 1M. I've read a bit about purchase mortgages, as a way of getting around restrictions on subordinate financing, is that realistic in this current market. I ask about PM because I am the only one in this deal that that have enough equity, because I bought my home with 95% debt.
Also, Is there a REI club that I can join in the LONG Island, NY area to continue my education and network with the Pros.
Finally, what is a Bird Dog and what Do I have to do as a bird dog? 
There is big money in partnerships. Also there are more ways that things can go wrong. It sounds like you're off to the right start in RE. I also think that the best way to go starting off is in mid-sized apartment complexes.
When you say "cash flow, excluding debt service" what you are saying is "Net Operating Income" (aka NOI). (Cash flow is AFTER all expenses and mortgage)
Check the "groups" part of the website for REI groups in your area. If there aren't any use google to look for one.
Birddog: Someone who finds properties for an investor to buy and gets paid when the deal closes. Most birddogs get $500-$1500 for homes that they find that are normal deals. More for big deals with lots of profit. All you have to do to be a birddog is find investors and properties.
Hey thanks for the reply hibby76, how many units do you consider as mid-sized ?