I am currently looking to purchase a 4-5 bedroom home in NJ with a partner.

The meeting starts at 6:00 PM.You can arrive at any time but from 6:00 - 6:45 PM they'll have a Q&A which is very helpful for newbies.

(feel free to tell me If I am wrong.)Gross rent = $4,775 p/month x 12 = $57,300Vacancy rate of 10% brings it to $51,570Consider 45% to %55 for expenses and management brings my NOI to $23,205 - $28,365NOI/Cap Rate$23,205 / 8% = $290,000$28,365 / 8% = $354,500@ 70% LTV that gives me a range of $58-$100k to pull out if my math is correct.

The plan is to have a proof of concept project up and running in the next 45 days, so I will be posting all phases of the project.

A good bit of the calls have had 100% equity.I've made roughly 45 offers to absentee owners and haven't gotten one yes.  

I need to buy one property before the end of the year and 4-5 next year and right now I cant find the one.... so like I said, there are a lot of assumptions, probably the biggest is property availability which meets your investment criteria. 

I currently reside in Richmond and work in San Francisco, so I was thinking it should be about 45 minutes (give or take 10 minutes) outside the city.

@Andrew KwiatkowskiI've thought about Fairmont and Clarksburg/Bridgeport, however as long as I have a full time job I'm not interested in looking that far away.  20 mins to Fairmont and 45 mins to C-burg/B-port doesn't sound that far away, but the inconvenience factor has steered me away.If I ever do this full time, I would absolutely look in that direction. 

I am waiting on one right now,  nothing to do but wait, have the sellers sign  45 day extensions every 45. 

In our case improved operations provides the self-funding to make these investments possible, to the detriment of cash flow during the first 4-5 years, but we planned for that going in.