You can still achieve it, but finding deals that actually pencil out on all criteria (low enough purchase price, low enough renovation cost, cash flows on the backend, all cash out at refinance) is pretty hard.

The markets open up if you are not planning on doing the management yourself.There are many markets that are growing in population and jobs throughout the country if you are willing to look at OOS investing. 

We have a 28 unit hotel we're currently working thru the process on.

Extensively commented on, no need for me to add to it.Warehouses is somewhere towards the bottom.

My only reply here is to say to simply focus on the business objectives.

That would be worst case scenario as that would mean I am 100% vacant that month on a 3 plex.

If you live there 2 years or more before selling you will be exempt from tax on the 1st $250k in profit which is a nice bonus. 

They also didn't get hit with capital gains on the entire purchase price, which enables them to keep more of their money. 

Quote from @Evan Thomas Andriola: Cleveland investors,What are your thoughts on investing in a property that is currently vacant? 

Overall I would personally consider how I can still grow with the freedom that I have focusing on my real estate.