I have never purchased anything 'perfect' but all of my rentals could have been rented as they were upon purchasing them. 

Purchase price: $275,000 Cash invested: $275,000About this homeBeautiful 2 bedrooms 1 bathroom condo in the convenient location of Rowland Heights, close to bus stop, supermarket, schools, shopping centers etc. newer counter top in kitchen and bathroom. 2 parking spaces and storage room.

Also, you are not going to be able to purchase a property subject to if you are dealing with a realtor. 

@Derick JenningsRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I imagine the only way it would be possible is to do the bulk purchase in cash, sell off a couple and then put debt on them?

@Ming Huang Based on the numbers you've shared, I would advise against the deal, unless you can negotiate the purchase price down and/or rent it for at least $1,150.

Purchase price: $1,200,000 This is a 100+ pad community located near Downtown Bloomington (Near Indiana University).

Purchase price: $1,200,000 This is a 100+ pad community located near Downtown Bloomington (Near Indiana University).

Purchase price: $230,000 Cash invested: $283,550 Sale price: $283,500 Purchased off market. $25,000 Rehab. $20,000 profit after realtor commission.

@Chase Calhoun mainly we work with local builders but we have also purchased from the regional builders as well.