This sounds like a short sale in which case that sounds like the first hurdle to climb.

What are your thoughts on viability/approach to the below:Is it unreasonable to find a property levered 80% debt, 20% down payment that generates a cash-on-cash return of approx. 12% and annual appreciation of approx. 3% while using the following estimates:- 1/12 months vacancy, - 10% of total rent for CAPEX, - 10% of total rent for property management, - 1% of property value for taxes, - 1% of property value for insurance, and- Misc. expense retainer of 10%?

If you have several cash buyers already saying they want you to bring them deals, then you've cleared that hurdle.  

Each has different hurdles to joining.I;ve seen the member who lives in LA get help on local eviction regs. 

If you can get over the hurdles of obtaining the loan, you may want to owner-occupy the property, find a long-term renter, which shouldn't be a problem, or rehab and flip... but I would recommend buy and hold. 

I'm prepared for their response because I know how to train for what I plan to accomplish.I think it just boils down to you having intimidating goals, and they can't get past their own first hurdle.

Investing in a state with low property taxes strikes me as one less hurdle I have to clear in order to close my first deal.In addition, I look at how landlord-friendly the tenant laws are (since I'm planning to BRRRR), and I get this info from a Google search.I look at how much the city's population is growing over the past 20 years, what percentage of the population are renters vs. owners, what the crime rate is compared to the state average, and unemployment trends over the last 20 years (both in absolute terms and relative to the state average).  

Does 3 days seem unreasonable for due diligence on a first deal?

I'm an agent in a high cost of living area and the first couple "hurdles" a house hack financial analysis needs to clear are "will the buyer reduce their housing cost" and "will the buyers housing cost be lower than market rent"?

If he is waiting weeks I can see that as being unreasonable but if he is asking for an evening so he can be home I would say he is trying to accommodate.Hope this helps, best of luckRobert Webb