I have found I can lower this number if I rehabbed the property myself before I rent it vs buying a tenant occupied property.

why on gods green earth would you want to buy 10k condemed houses :)  seems like a waste of time and money to me.

One of my goals is to develop a solid buy box to streamline our underwriting process and make it more systematic.

What ever you're doing to find/buy/create deals is working.

You can certainly negotiate some closing costs from the seller on the buy side.

The BRRRR method (Buy, Rehab, Rent, Refinance, Repeat) could also be a great strategy to recycle your capital.To find deals, try direct mail campaigns targeting absentee owners or distressed properties, or go driving for dollars in neighborhoods with strong rental potential.

My partner know how to do it and said he could buy the stuff on the internet for $200 and we could permit it and he'd wire it.

After staging, it was sold to a retail buyer for a strong profit, demonstrating the potential for significant returns by buying from motivated sellers, renovating strategically, and selling at retail.

Many times a lender buys a property back at a sheriff's sale/auction where they are selling properties as part of a foreclosure.

@Ming HuangRecommend 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?