So if the deal is good enough and I know I can make payments to the hard money lender for a year so... should I just jump in and do it?

I couldn't find a good enough deal before my leased expired.)Yes, I was planning on keeping this in my portfolio.

That is, if your loan officer was good enough to detect it.

That seemed good enough for me.I am not a big fan of RGV.

But why would I blow a 20% down payment on a 200K home when I could buy 2 100K homes in the midwest with twice as much cash flow.Having said that I still plan on getting in touch with an agent in my area this summer to start looking at foreclosures or distressed properties to at least TRY to find a good enough deal locally.Thanks again for all of the input.

And it's a waste of your time too, so don't begrudge them for this.One approach I've seen folks be successful with:Find that sweet spot where the property is juuuuuuuuust good enough to actually be financed. 

I most definitely cannot leave work at the drop of a hat - any issues would have to wait until either after I get off (~5pm) or on my days off (Tues/Wed).But I'm assuming this isn't good enough for emergency situations, so what then?

Most of smaller Multifamily in Tacoma and around doesn't cash flow good enough, they don't even hit 1%, more likely around .8%-.9%.

If your offer is good enough to both parties, along with the 100K in taxes, that it makes for a good return you have a good deal in your hands.  

And I can also sell the house if something bad happens to my financial situation.Besides the risk, do you think the deal is good enough to pursue?