Its easier for you and for them to make basic things very cookie cutter and simple.

This obviously doesn't work in a cookie cutter street where every house is identical.Walking the dog for dollars also serves another great purpose; dog gets walked.

@Brandon Cook - I sign the lease and collect the deposit whenever they are ready to commit to the property.  

Tired of dealing with banks that only want normal cookie cutter mortgage loans.We have two SFH properties right now, one free and clear, and one that has a Cash-Out Refi Mortgage on it and we are looking to buy a Triplex that needs some serious work, and most "big name" banks won't lend on it due to one of the units not being inhabitable.Never used a Mortgage Broker, so I'm thinking of going down that route, any tips?

It also depends on whether you prefer the cookie-cutter entity which or if you are also looking for more privacy.

I'm looking for what I'm missing beyond the cookie cutter scenario I put below.Scenario: Say I find a house listed at $200,000.

But you can try to befriend them and call them on a semi regular basis, take their office staff boxes of cookies and leave cards and make sure they all know who you are and what you do.

As far as out of state multi-family investing in general, if you concentrate on developing your skills for out of town needs, like contracting & property management you can "Cookie-cutter" that for the future.

There are many good deals to be had at these auctions (especially in certain counties, Cook is super competitive) but you need cash, and a lot of confidence as you never get inside the property in advance. 

Thanks @Cody Cook , I agree....I like IRR better; we're in complete agreement.....I could have emphasized IRR vs COC.So, in Austin, you have 10%/yr appreciation.