It will take significantly more work to build a network there, and I have limited time to travel there, due to a full time job in CA.Are the potentially much higher returns in College Town #2 worth forgoing the pre-existing local knowledge and network via my brother in College Town #1?  

So yes, you can specify in the purchase contract that you will be owner/agent and have your commission applied towards closing costs or reduction in price.Same thing when you list it for sale - forgo the commission since you are owner/agent.

I hear the worlds smallest violin playing a song........But in all seriousness I think it's just the overwhelming easy access to "real estate investing".

Thanks @Jeff Graves and @Garry C. for some great vacation rental tips, I use VRBO and Airbnb when I take vacations and try to keep notes one places that are awesome and they include a lot of the things you mention.Seems like you can forgo the 25-35% PM fees if you can find a reliable housekeeper and handyman, so that potentially could make a VR work when it initially might not have.

Hi Song Lee,My name is Debra Worrell and I'm a Realtor with extensive experience with working with Investors.

And if you get it wrong (and depending on how badly you get it wrong), wouldn't it completely change whether or not the property is a green light or red light for going to see in person/making an offer?

I'm certainly willing to forgo pay in exchange for the valuable experience I'd receive.

That is what Alpha Flow does, and I believe investors are willing to forgo the extra 50-100 bps of return to get that level of access and assurance.  

hey jerry My reasoning for going the unsecured loan route were for these reasons: my price range is below mortgage minimums, with a unsecured I don't have to put anything down, no closing costs, and I can just include renovation costs in the loan. 

Everything worked out fine, BUT I hold a lot of value in the face-to-face interview with prospective tenants, so don't forgo it unless necessary.