Quote from @Armani Diaz: Hello, I just purchased a rental property duplex through wholesaler.

Your 'cost' should include everything, from land purchase, soft costs, holding costs, and hard costs.

I imagine the only way it would be possible is to do the bulk purchase in cash, sell off a couple and then put debt on them?

How many deals have they historically reviewed to find one purchase?

The first purchases are likely going to be California, Montana, and Texas.

I have never purchased anything 'perfect' but all of my rentals could have been rented as they were upon purchasing them. 

Purchase price: $230,000 Cash invested: $283,550 Sale price: $283,500 Purchased off market. $25,000 Rehab. $20,000 profit after realtor commission.

Don't be suckered into buying cheap properties - unelss you know exactly what you are getting into.Here's some copy & paste advice that applies to just about any Midwest rental market:--------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Hence, to reiterate the reason for adequate research before purchasing a property. 

Purchase price: $275,000 Cash invested: $275,000About this homeBeautiful 2 bedrooms 1 bathroom condo in the convenient location of Rowland Heights, close to bus stop, supermarket, schools, shopping centers etc. newer counter top in kitchen and bathroom. 2 parking spaces and storage room.