@Lesley ResnickThe pilot program was tailored to specific institutional investors, details that were oddly omitted by FHFA in the announcement.

I can tell you from experience underwriting deals for a number of institutional and semi-pro investors that they have achieved IRRs greater than 15% and yields greater than 8% in markets like San Francisco, LA, NY, and DC that advertise 4% cap rates.Markets with low cap rates typically share the following characteristics:1) Strong rent growth, driven by2) Strong population growth, driven by3) Strong job growth4) Low vacancy5) High per bed rents (lower operating costs as a percentage of total rent)6) Good property management options7) Higher quality tenants (young professionals like myself will rent in SF until their late 30s to early 40s)To achieve returns in these markets, investors buy buildings with significant value-add or development opportunities on very low to no leverage (debt), and refinancing the deal after stabilization to cash out.

But that makes it a desirable place for institutional investors to buy tax liens and with most counties doing their sales online it is easy for them to do so.

I bought a condo in Miami in 2009, lived in it for 2.5 years and when I was relocated to Massachusetts turned it into my 1st rental property.  

In addition, I found that most lending institutions within the US would prefer to lend on a property within a US entity as well Feel free to reach out me directly and we can discuss in a bit more detail.

'm a young tech worker trying to break into the real estate industry.

Hello everyone my name is Ernesto Aulet and I just moved here from Massachusetts and I am just starting out in real estate investing!

The financial institution?

The townhouse i ma looking at is getting renovated completely by the seller kitchen top counters , floors , paints etc but wondering budget for like ref. , laundry machines etc (which are there already ) in case of breakdown etc.this townhouse is part of community with Hoa so not sure what gets covered .

College Station is a great area, I graduated from Texas A&M a year ago and there is always so much growth there.