You do have to play the markets in terms of States/Neighborhoods.

Yes it helps but there are other factors that play a lot more into it

Detroit is not a market to play around in without a professional on your side.Remember: cheaper doesn't mean you'll make more money.Start by going to www.narpm.org to search their directory of managers.

It's a long-term appreciation play usually.

They ultimately walked away because this fund requires "a seat at the table" with key decision authority on when the asset can be sold or refi'd.  

If you have to pay to play, might as well pay your people. 

All of the risks of "subject to" then come into play (with a "wrap"); read this thread:http://www.biggerpockets.com/forums/83/topics/86029-subject-2-protection-from-calling-mortgage-due

Long term play, what some are calling BEAF: Break Even, Appreciation Focus.

Thus it becomes a "location" question, is yours visible and accessible.These National companies are playing the Average of numbers game. 

I'd consider myself in line with an "Accredited investors" since I work in the regulatory finance industry, and have worked at a security regulatory authority empowered by the SEC.