It is early days and I am an out of state investor, and I am seriously contemplating getting an adjuster involved. 

This will steer your research.Get to Know the Market:Check Property Values: See how property prices are moving in the areas you’re eyeing.

Some investors might also offer a flat fee, anywhere from $1,000 to $5,000, if it’s a smaller deal or if the realtor’s involvement was minimal beyond bringing the opportunity to you.You can negotiate based on how much work the realtor did (e.g., facilitating the deal, negotiations, etc.).

I have not purchased any occupied properties because the risks involved seem too high.

Conventional loans for investment properties like the duplexes may be a better option if you’re holding multiple properties.Market Considerations:You’re absolutely right that finding a duplex in Lexington under $300k in a desirable area might be tough, but keep an eye on market trends and perhaps look for off-market deals.

A thorough inspection will give you a clearer idea of the true scope of work involved.

How much involvement are you looking to have?  

The 46218 zip code, specifically Martindale-Brightwood and then Near Southeast were a couple places that caught my eye as more affordable with good cash flow opportunity while still being B- neighborhoods.

I agree, but Vail is not involved.

I was hoping to structure a deal that involves paying the seller every month and then a balloon payment in 5 years (when I can get an 80% LTV cash out refinance to put a mortgage on the property without having to put any money down because I'll have built up at least 20%).