I own a demolition and site work company that has transitioned to new construction so I've been in the space for years in columbus ohio. not sure what market you are in but I'd look where land is cheap. you are competing with love's around the country in rural areas so I would say urban or within 30 miles of urban is much better they don't build them that close. https://ops.fhwa.dot.gov/freight/infrastructure/truck_parkin...

He wanted it as cheap as possible.  

If you plan to buy cheap low cost properties and primarily seek cash flow, then you can use simple ROI/CoC formulas.

The downside of buying cheap houses is the lack of appreciation they have and having to pay for the same cap ex issues over 10-15 years.

It would suck to lose that cheap money for sure.

I haven't joined any mentorship programs for Multifamily however I was a part of Fortune Builders program about 8yrs ago and that wasn't cheap BUT it paid off in a big way. 

Cheap and simple. 2.

They look cheap IMHO and aren't great to sit on.

Really, where I seem to use these most is with a client that has several million in stock market investments and wants access to funds without selling the stocks and paying the capital gains taxes.I probably wouldn't advise this...but you could look around for a custodian that has really cheap margin rates...and open an account there...and then take margin out of the account...That's what I do personally. 

The frame and photo paper might be cheap and have a value of $5, but since the photo is irreplaceable a MUCH higher value can be sought as compensation if you are in the wrong.