I find that most folks who put an action plan together, neglect to dig deep enough to discover and articulate their why which is probably the most important component of all this planning. 

No matter how much rehab a property has had nobody will pay Class A rents in a Class C neighborhood.Plus, the nature and scope of the project could mean anything from light value-add on 20 units to deep value-add on 300+ units.

It depends on what you are looking for, if you don't want an agent to do any analysis or deep digging to find properties, your friends are probably capable of handling all the paperwork in a transaction just fine. 

I haven't dug deep into it but basically I should expect to pay higher down payments and interest rates in exchange for not having to verify my income.

None of this is a done deal, but it has potential to be a rare opportunity for RE investors that exercise diligence and intelligence.Intel 10 years ago decided to build there 10 B fab plant in Hillsboro Oregon and brought in 6k workers and single handily took the pdx metro out of the deep recession.. and it just keeps steaming along.. all the other companies that now want to locate there and all the talent they bring in.. some will go on to start thier own companies etc etc..

Now full time in the business with a transaction under my belt I'm ready to dive back in deep to growing my investment knowledge. 

I made an offer for a 20 unit property in Asheboro last week - didnt get it and am kind of relieved - hard to know where that submarket is heading. 

Is there a way to find out which ones were bought, torn down, and resold without doing a deep dive into county building permits? 

Under the new laws, unless you are an attorney, real estate agent or lender, you can get in deep trouble contacting people with Notice of Default or Foreclosure status.

For example, I lived on plum street which is relatively deep for college kids (cheaper rent), and we had drug dealers 2 houses down, college kids next door the other direction, and hard working Hispanic group near one corner.