Those are spray and pray techniques that don't fit with sellers right now because sellers/owners are sitting on a very low rate and don't want to move to go up 4-5 points on their rate.Listings aren't a start now thing as well.

It’s a great way to learn the ropes.Build the right team.

You will need a team of people to work with, including contractors.

In the short term this is great, but after moving out of the property, these units would be ~ -$500/month in cash flow.

Now that we are 10 days from closing, I am talking to loan officer to get the Closing Disclosure so that I can know the exact cash to close (I need to move money from brokerage to bank account) and he is mentioning about 2% IPC limit. 

Not sure how important that is, but we put it into our spreadsheet… trying to learn and figure out our best move!

Build a strong team, prioritize cash flow, and take the time to understand the local market and regulations, especially for development projects.

We have a team there that makes us quite efficient.

So - somewhere 2 hours away, or somewhere you like to vacation in, or where all your family lives, or where you plan to move someday.Too many people are trying to do exactly what you're doing - pick a market based on a formula - and they end up buying a random 'cheap' property thousands of miles away, turn it over to people they've never met or even spoken to, and then... lose money.  

These steps can help you secure financing and confidently move forward with your first property.Good luck!