I live in the Seattle area so investing locally is difficult; I chose Cincinnati because my wife is from there and my in-laws still live there. 

They are quite difficult to find on other property search engines. 

It will be very difficult to do that in a location other than your market.

After factoring in the repairs and the operating costs it would be difficult to break even right now. 

It will be frustrating and even more frustrationing is that... without a written policy, it'll be extremely difficult to explain that you didn't discriminate.Sidenote: We send application standards BEFORE they schedule a first showing.

I would think that the bank is still going to hold me responsible for the mortgage and that the mortgage would still count against my debt to income ratio, making it more difficult to get another house. 

I was targeting a 20/80 GP/LP with a 12-13% IRR with a 2 hurdles +14% IRR GP/LP goes to 30/70 +15.5% IRR GP/LP goes to 40/60.These will be usually 25 to 50 unit infill multifamily deals usually townhomes or apartments I would love the feedback  Hi Ken, coming from a drunk sloth level passive LP perspective, you have a fair approach, however the projected IRR is lower than most current offers out there so may be difficult to market to cursory investors, but your 80/20 is quite reasonable compared to most others.

And it seems that all the BPOs I see are on commercial property where comps are VERY DIFFICULT, properties like marinas, event centers, rural warehouses, etc.  

If so, it seems like having a few DSCR loans would make it difficult to qualify for a Heloc on a primary residence or even a car loan, for example. 

Honestly, making the right decision to sell and allocate it somewhere with higher returns is even more difficult than buying.