Good advice. Unfortunately, most will read you title and think (as I did) very little money is equal to about 500 bucks. Anybody with 10-15K has several entry options. I might argue that Jon K. points out a better alternative for overall value and long term gain for someone with limited time and money looking to invest who also has the wherewithall (JOB) to save 10-15K.
That being said, my first (and so far only) investment deal was 12K cash and rehabbed with another 12K in consumer credit. Its renting for 550/month, so not a bad start. But, in the long run, the house I pay a mortgage on and live in will likely create more value for me once I move and convert it into an investment property.
It took me two years to save up and find my first. It will probably take two years to pay my debt and save enough for the next. Hopefully the time scale will accelerate after number two (and after wifey gets out of college and starts adding to the "fund" and maybe if I'm lucky, I'll be making more coin at my day job, too).
Also, I laughed a little at Will's comment. Even here in Texas, I would not want to live, or subject my wife to live in our rental property while we rehabbed it. I wouldn't have camped out in it either. those types of deals do have to within a 20 mile radius of my house, though. Then I can camp out in my own bed. I rehabbed a little cargo trailer so all the tools push into the garage at the same time. Such portability with simultaneous security of tools eliminates the need to stay at the rehab property. It did cost $700 to acquire and fix up the trailer though...