You will need cash to buy and fix, your chances of traditional financing are slim unless you take out a loan from Aus.Have you figured out how many rentals you need to be able to retire by 30? 

The house was occupied by his mother and is a time capsule.

We're still finding them on the MLS by making lots of offers on REO's, but the pickings are getting a bit slim.

The chance might be slim to none over 3 to 5 years or it could be 100% if this loan is on their radar.

Furthermore I feel that the profit margins in REI are very slim for beginners not only due to the market being very competitive, but because we are going to make some mistakes that more experienced investors will be able to avoid.  

Their are very likely 22+ REI's in my county so I'd say the pickings are slim and competitive..

I know the inventory is a bit slim for houses right now but people, I find, are still thinking about 2008 and not increasing their prices (some people) thinking they probably cant sell it unless it's low.

And yes, since I am out of state I can only consider doing TK deals.So it will basically take me about 10 years to make my money back if I purchased with cash, and by that time all major appliances and the roof might need replacing, and I will have to hold onto the home forever because the chance of selling the home to an owner occupant is slim.

And the chance of you being to find another deal and close right after the refi goes thru are slim to none.Deals tend to come in bunches and then you have gaps where there is nothing.

With a simultaneous close, neither the buyer or the sellers knows what your profit is so there is less chance of losing the deal.. and all the profit.The chances of you getting paid a $20,000 or $30,000 or $50,000 assignment fee for a wholesale flip deal are slim to nothing.