I'd be curious to know how they react when they find out that these sort of transactions ARE happening right under their noses?

I recently purchased a pair of dewalt spring loaded needle nose pliers and sure it's a couple bucks more but the difference is night and day.Take care of your tools - the worst thing is rust or corrosion on tools.

Within a year I was seeing a brown circle coming through the new paint. ( on the ceiling) Once you are inside your nose goes dead and you can't smell it anymore. 

THAT is the #1 thing everyone should learn from that time, NOT to wait for the golden-goose, but fact that most won't identify it even when it's right under your nose. 

If you're not primed and ready to jump with your set criteria, team, and financing options, most deals will disappear from right beneath your nose.

No wonder lenders turn their noses up.

The nice thing about rental property is that, unless you're in a war zone or economic basket case area (which this condo is not), rents will creep up every year, keeping up with inflation so as to cover rising expenses and provide slowly rising monthly cash flow.Some of those reading this post, perhaps those in expensive markets, or high earners, may be turning up your nose at the small amounts of money involved in this deal. 

That would be a bit like "cut off your nose to spite your face".

@Christopher SmithWelcome to the hard nosed game of investing.

I would be working at 1% of purchase rent, nose-dive property value with very little chance to substantial recovery.However, I'm actually doing very well.