For those of us starting out, and looking at lower end real estate, saving for expenses will eat up a good portion of that monthly cash flow until we get a nest egg to hold, or until you (I'm in the same boat) get into more expensive/valuable properties.

This often means lower LTV, higher interest rate, and shorter terms.  

I think most real estate agents won't waste time on buyers who are "coming in with an offer well below asking" with their main justification being they want to pay less, fishing for that rare seller who will randomly accept a much lower offer before dropping list price first to generate competition. 

Are legacy Homes priced lower or is it just the financing making them a good deal. 

This won't work for the property because of the lower purchase price.Are there still plenty of lenders willing to work with a minimum loan amount of 75K with a 65% to 70% LTV?

You don't need to provide grab bars, interior or exterior ramps, wheelchair access in lower kitchen cabinets etc.

With the lower LTVs offered by senior lenders these days, it may be tempting to look at preferred equity and it may make sense since technically it is cheaper than LP equity, but also keep in mind they have a higher liquidation preference (obviously) but will often want all the cashflow (or a majority of it) to come to them before the LP investors and will also want large reserves, so make sure you model out the cashflows and understand the end-to-end deal with the preferred equity investors.We have some institutional investors with whom we did a combination of a pref and JV deal and it worked quite well for everyone including them and the LP investors.

Lower priced markets in central valley have better rent/price but lower appreciation compared to bay area.   

Other cities have lower relocation fees (would research those amounts whatever city someone wants to buy).

Lower-cost areas like Southern Arkansas may offer solid returns on investment.Good luck!