Anecdotally, from searching Wake County (WC) NC records, defaults remain at near all-time lows, and I see this market (foreclosure/pre-foreclosure) as an opportunity not worth pursuing.

@Thomas Loyola you haven't addressed the Class of property you intend to buy, so your assumptions could be too low or too high.Your biggest challenge is you are assuming you have to pay asking prices!

Usually for first timers and low down buyers the underwriting is a little more simplistic than traditional buy/hold investors purely seeking yield. 

Many don't qualify for low down payment/FHA for a variety of reasons, especially the ones sub 200K. 

Quote from @Bruce Tieu: Quote from @Bonnie Low: It's easy to get ahold of the planning department for the particular city or County you are in.

What is the strategy to refinance the properties if the interest rates do go low moving forwards.

When doing this strategy you will can put down as low as 3.5% -5% down.

Then I give an estimate of my certainty for each item and use that to calculate high and low values.

Do your management deals give you your large stake with zero or very low capital of your own in addition to a management fee?

I'm currently reading Brandon Turner's book on No and low money down.