Definitely have to play with appraisers - but how can, in this example, 2 separate appraisers vary by approx 15% and use 3 completely different comps.Further - what is the definition of the appraised value?

And I'd then have a big fat mortgage.So after 6 months, I can cash out refi, have a mortage, and after PITI, account for property management, saving for cap ex, repairs, etc, I could cash flow $100 a month. 

The saying " pigs get fat, hogs get slaughtered" seems to apply.Terry

I have been wanting to get into real estate investing for a while but i didnt want to pull the trigger on any properties or deals until I felt decently educated, so I have been reading, listening, and studying as much as I can in the past year or so and bigger pockets has been a godsend.

These companies need to make a profit too, and so there's just not going to be enough fat left on the bone.

I use 10% vacancy initially to see if the deal will be fat or thin, then move towards a 5% vacancy calculation since I believe that is more likely than a 10% vacancy rate. 

Unless you plan on making real estate your career, I would stay in Miami and work a bit and save as much as you can. In

Start there and learn as much as you can in the mean time.

It isnt over till the fat lady sings .

I hope to learn as much as I possibly can in these coming months before making my first investment.