Every single comment on this thread is screaming TurnKey.  

And, if it is the screaming deal that you think it is, you can do a cash out refinance on it with a private lender / local bank almost immediately or with a Fannie Mae backed loan after 6 months.

Multifamilies / commercial have higher interest rates so one can't compare it to your buddy's screaming hot deal for his home.You could pay points to lessen the interest (1 point = 1% of the loan), but the break even I was hearing for my situation was a 5 - 7 year time horizon. 

Wal mart has old ladies at the front not because they are going to scream the loudest when you steal, but when they greet everyone, theft goes down.

I'd tell him that you are looking to buy, but are planning on making lots of aggressive offers on inexpensive properties in an effort to learn and get screaming deals.

This assumes the owner hasn't used their house as an ATM machine.If driving for dollars isn't appealing (or isn't going to work with 4 screaming kids in the back seat) then you might mail owners of properties (with the requisite amount of equity) that are currently in the process of evicting a tenant.

After the cost of borrowing and listing, I'm seeing $10k spreads on $160k ARV homes billed as "SCREAMING DEALS".  

There doesn’t appear to be anything that screams at me to run away.  

One look at this guy's profile just screams BS to me.

Not trying to sound fool hardy, but based on the situation I'm currently in and the wealth equation I used (current pay and number of hours worked minus taxes), I'd need to live two lifetimes before I could even fanthom my goal.I strongly feel like a job is not for me, that my heart is screaming to go into business and build a scalable asset.