I was quite surprised to see Cape Coral at the top of the list of sales to investors and it makes me think the methodology used to quantify an "investor" is somewhat flawed.  

IMHO this is the biggest flaw with the owner occupied multi approach.  

Like everything else, make sure you do all your due diligence and get all the proper inspections done, and build contingency plans into your offer because you never know what can be uncovered when buying a building like this...Hope that helps and best of luck!

I'll update again soon with- How the west side of the house began falling down shortly into the project BUT I saved the day- The "friendly" neighbor - A little FarmCabin history, past and presentA few pictures of the damaged we uncovered: Viewers Discretion Is AdvisedI don't know if these pics do it justice.

HOA restrictions uncovered after offer)I found 2-5 at the link below...http://www.proapod.com/Articles/subject-to-clauses...

Over the past 15 years as a private investor/owner/property manager, I have successfully invested over 1 million dollars of my own money into multifamily assets.Along the way, I developed 1 simple rule:“Don’t try to save a dime today that will cost a dollar tomorrow.”I use that discipline to uncover and create high value investment opportunities for investors in markets that are currently underserved in SW Florida.Licensed Florida RealtorCertified Florida Residential ManagerLicensed Property Maintenance ContractorCurrent Affiliations: Cape Coral Association of RealtorsNational Association of RealtorsNational Apartment Association

We made our highest and best, Hopefully other bidders did their research regarding the property because there was something we uncovered.

For your first flip, look more for cosmetic flaws, like ugly flooring, outdated kitchens and bathrooms.

I looked at the Spring, TX area last year & made an offer but wound up not closing due to issues uncovered during the inspection. 

If he doesn't bite one of two things is the case, either he is just stubborn and will not buy anything not in his very narrow mindset so there is no point unless it is one of those types of deals or, and I mean this with all due respect, your investment case had some flaws in it.