It looks like there are a lot of smaller multi-family properties along the I-40 corridor that would fit my price range/return targets.  

I've looked at a couple places in Richmond that are in my current price range (with what I can get a mortgage on), but they are in not great areas and need more work than I could do myself.

However, adding rehab costs would put it in similar range to those other comps. 

Typically in my market an fha/va loan needs to outbid a conventional loan by about 5 to 10k at the 400k price range and 15 to 20k at the 600k price point to win the bid. 203k/rehab loans have very little chance of getting an offer accepted at all.

(feel free to tell me If I am wrong.)Gross rent = $4,775 p/month x 12 = $57,300Vacancy rate of 10% brings it to $51,570Consider 45% to %55 for expenses and management brings my NOI to $23,205 - $28,365NOI/Cap Rate$23,205 / 8% = $290,000$28,365 / 8% = $354,500@ 70% LTV that gives me a range of $58-$100k to pull out if my math is correct.

The contingency inspection was sufficient for me as a buyer. 

It could be that you're in a tricky price range. 

Doug:Also, I would like to know what you are looking for (the range and areas) and if I can add you to my buyers list!

Once you get an idea of what works well (tiled shower/bath stall, tiled kitchen floor, appliances) in the respective price range this will go pretty quick for you.  

Or is only an LLC sufficient?