@Fabio Cattolico"if I could get an out of state property for a great price and the numbers seem promising, wouldn't it be good to start off like that if I'm in a place where buying is unaffordable?"

We are in both of those markets for fix and flips & buy and holds.

My PPR note fund investment is a little different in that you can buy some notes from PPR and pay for the PPR notes using your Fund investment. 

And even if they do, they have to be fairly motivated to be willing to do so (even if you've built rapport and all that good stuff).If they are motivated, usually that means the property needs work and they almost certainly won't lend over and above what you buy the property for.

Like I said I have the buyer ready to buy. 

I guarantee your life would be so much better if you removed her and replaced her with a good renter.Do yourself a favor: buy "Every Landlord's Legal Guide" by NOLO.

Suggesting to them buying their house for a wholesale range offer or lower dependent on the extent of the rehab, then having a contract in place that gives them a percentage of the profit to help get them back on their feet, paying off debts etc.

Buying a large new build home can also work well as a house hack as you can charge a premium rent, and generally most bedrooms built now a days have en suites (at least in my market).  

You are generally going to either buy it at 95% of value or what is owed, which ever is lower. 

If you are just starting out, this is for you:When you buy an investment property, it is treated differently than a house you are going to live in.