@Christopher BlancoSo I am going to continue the rant -The answer to your question is that everyone and their drunk uncle (why do uncles always get such a hard time) are told that you can get started "investing" by wholesaling property - GURUs sell it as a way to get rich quick with no money, bad credit ... and apparently ZERO knowledge -- You can guess what type of individuals that philosophy attracts -- IF a wholesaler is able to get a decent property under contract (there is a TON of competition with mailing campaigns in my area) they try to hit a home run and make all the money and leave very little on the bone -- there are some experienced, great wholesalers out there --- but they already have a good group of buyers and don't need to shop for more - that is why they are hard to find.

I'm excited to apply some of Scott's philosophies to my financial plan!

Also 50% expenses, especially if they are house-hacking/self managing, would be quite high (unless the property is pre-1925-ish and already needs a lot of work).Ultimately the OP will consider where to invest and what cap they're willing to accept based on their personal goals and specific investment philosophy.  

Also, I know your philosophy and I agree.

Just my philosophy on rentals and flips.

I agree with the philosophy, "live where you want to live and invest where the numbers make sense."

Largely, that's because we tell anyone with a brain they need to go to college - even if they end up $100K in debt for a liberal arts degree (philosophy/polisci for me....employers were beating down my door, man!)

I have gone back and forth on which philosophy to execute and, like many things, the answer depends on one's own situation and risk tolerance. 

My philosophy is to help others as much as possible whenever possible.

As you'll read out here on BP there is a whole wide array of philosophies when it comes to houses like the one you're describing.