I know I’ll have to do a lot of leg work myself, but the barrier to entry is pretty high, so I’ll need help to start with

There are several groups in Orange County, but that may be too far from you.

It is 68 units in Orange Texas.

I flip homes here in Orange County and my latest flip is in Laguna Hills.

I can direct mail in Orange County, Riverside Country, LA County, San Bernardino County, and San Diego County. 

To calculate "Net Return" as NOI/DP is IMO mixing apples and oranges.

Culinary Dropout and Orange Theory Fitness are opening right down the street from this project.

btw @Patrick Philip Don't know your goal/range, but I'm waiting for a 2-3 ac lakefront lot on Orange Ave in Winter Springs to list this spring/summer.

Here's an example of how the math usually works when I look at it...http://www.loopnet.com/Listing/3121-3205-Orange-Ce...Purchase price = $2,480,000NOI before debt service (derived from 7.6% cap rate) = $188,480If 80% of purchase is financed over 30 years at 5%, that is $127,807.68 in annual mortgage payments.This leaves $60,672.32 in profit every year, until Year 31 when the mortgage is paid off.This is a down payment of $496,000 that you wouldn't see back until over 8 years.

The area is away from the mean streets of Newark, East Orange, and Irvington and close to Union and Maplewood.