Still love the idea but it's pretty unfamiliar territory.

Don't have multiple agents working the same territory.

We used to invest in Vegas, Nevada, but with prices rising, we are looking to expand to a new territory, and even move to Detroit if the opportunity is as good as some described to be.

Here's what I came up with:Strategy #1: Buy using conventional loan and rent outCost: $220,000ARV: $260,000Downpayment: 20%Closing Cost (I pay all closing cost): $5100Repair: $6000Estimated Out of Pocket $55,105Estimated Monthly mortgage with Tax, HOA & Insurance: $1725Estimated Rent:  $1800-$1900Strategy #2: FlipThis is the part where I'm in new territory because I've never done a flip before.

I am sure there will be road bumps but that just comes with the territory. 

Markets with high appreciation rates are expensive and have low initial cash flow... that comes with the territory of having persistent limited supply and high demand ... this does NOT mean that you can't make boatloads of money, and it certainly does not mean you need to be a speculator to do it as many would imply.

The others we wholesale instead of going through the rehab process.When we don't wholesale our properties out of our primary territory, I will still take on a few rehabs (just completed ones in IL, NJ, and CT).  

Anything more than four units and you are into commercial/portfolio territory.

I realize that's probably a conservative estimate, but at that point, it becomes break-even territory. 

Building multifamily properties is generally the territory of local banks.