The first hurdle is how may sponsors/syndicators have actually executed on a sizeable deal like the one they are selling. 

Usually the only reason it did not sell is because of the unreasonable expectation by the seller of value.Market for properties in low income neighborhoods, look for vacant houses, send letters to non-occupant owners in those war zones, start with junk real estate, make offers to control them.

Permitting will be your biggest hurdle aside from NIMBY.Probably best location would be rural.

Maybe it isn't as big of a hurdle as it might seem.Also, since at least some of these properties are occupied, I wouldn't be able to make any rent or upgrade changes until the lease is up.

There are hurdles such as seasoning and regulations about how title is transferred.  

I certainly did not, and neither did the mortgage lender who  pre-qualified me.After closing on the HELOC  this week, I was reading through the docs last night and stumbled upon the Occupancy clause :"Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control"So I'm not sure what to do.  

Some quick flip guys/private equity ones try and minimize repairs so they can meet return hurdles for investors.

If ever you run into any hurdles along the way, or just want to grab a coffee or lunch and talk strategy, feel free to reach out.  

OPM is what makes it in this business, thats Other Peoples Money. credit. if you don't have it, get it. if your credit is shot, fix it. go to www.annualcreditreport.com and work on improving that credit score. its free. and watch the podcasts here on BP. education helps, but it can slow you down. you have to jump in and jump the hurdles that you can and knock down those that you cannot. no on ever learned anything without getting started and failing a time or two. think of all the great inventions created in the last 200 years. not one of them was a success without first figuring out how NOT to do it. good luck to you

Well actually your discount rate (the rate at which you can reinvest profits) is hopefully a lot higher than inflation, so you should tack on a bit... without firing up Excel let's say you need to hit $70k per year cash flow.Lets tack on a bit for your lost opportunity cost/hurdle rate and say you need to make $80k per year cash flow.