I'm wondering how anyone does it in this area, or maybe I just have not been looking for long enough.I really would like to purchase in my area as it would be my first rental property, and I am most familiar with the northern VA area If this is not to be, I also am wondering what markets nearby would be better.I’m also in Fairfax County, and you’re absolutely right: Fairfax County and much of Northern VA are tough markets for cash flow, especially starting out without a substantial down payment.

You can do as little as 10% down on your purchase price with a little experience, and then get up to 100% of your rehab budget financed!

You get as much objective information about them so that you can make an informed decision. 2.

I own a mobile home that I rent out and I am looking to make my first MFH purchase this upcoming year to house hack. 

It is objectively not a good time to acquire Class A multifamily assets.

Only if things go very, very badly, and you are in the tiny fraction of loans that default do you... go back to where you are right now, having "purchased" (foreclosed) on a property for 65% to 70% of what you believe it's worth (otherwise, you wouldn't lend 65% to 70% LTV). 

Quote from @Spencer Elliott: Long story short, land is on loan and I’m purchasing a manufactured lot as a temporary home/future ADU to my final build.

I ran every scenario of tackling this purchase myself.

In addition, since the rule changes, it seems like many agents are delaying the whole conversation until the very last minute when the buyer has little or no opportunity to object, research, or think about what they are agreeing to, without risking losing the home they just decided to offer on.

And as investors we should know this, but always anticipate higher costs and longer waits.EXAMPLE Breakdown of Costs:Plan Purchase: $1,500Permitting Fees: $2,500-7,500Site Preparation (grading, utilities, foundation): $20,000–$30,000ADUs require separate utility connections for water, electricity, and sewer but you can tap into existing utilities at the primary houseIn Raleigh you CANNOT split lots fee simple, so setting up completely separate utilities would not allow you to section off the ADU as of nowYour ADU must be on a permanent foundation (no wheels, no ability to move the structure)Construction (labor and materials): $100,000–$150,000Low-grade: $150–$180/sq ft averageMid-grade: $180–$220/sq ft averageHigh-end: $220–$250/sq ft averageLandscaping/Finishing Touches: $5,000Total Estimated Cost: $125,000–$200,000You could easily spend $200k+ with super end high finishes, custom designs, complicated sitework, adding a second story or more sqft, etc.