In total it cost me about $500.Unfortunately, I was not able to reconcile the needs of my niche market with what the Capital Syndicate had to offer. 

@David F.As Russell mentioned co-ops are probably 1/2 the price of a condo and you would also have extensive costs to set up a co-op and typically it’s my understanding the builder funds the first 1-2 years of reserves.

Raleigh/Cary is what I know well, but the competition is steep.

The rates are high right now but these loans are limited based on cashflow so you cant take a loan that costs more than you're receiving in rental income.

The success of such investments depends heavily on local market conditions, and maintenance and upkeep costs can add up, especially as the property ages.

After paying a competitive rate for the property management and ASSET management that the small operator does himself.  

.- The 203(k) will allow you to bid on properties that need repairs that won't qualify for a traditional mortgage => less competition => better purchase price.You will need to find a great local contractor you can trust to supply the required bids to qualify for the 203(k).- After closing, you can do some of the work yourself to save money, but the program doesn't allow you to pay yourself.You will want to buy a Class B property, maybe Class C+, in an area that seems to be improving.

However, you make a great point about starting local and dodging PM costs to start...

These dishonest lawyers will start adding on all kinds of BS and start running the cost up so much as time goes on that you have no choice. 

For higher priced properties the 70% rule gives you too high of a profit and your offer won’t be competitive.