remember, these are NOT conforming loans, so all the consumer protections one might be used to having aren't there.

I have seen some properties on MLS that I contact my realtor and they may know right away the reason it isn't selling from showing it previously, or they can review the realtor comments that aren't viewable by the public on MLS.Other potential reasons I have seen properties listed on MLS for a long time. 1) Some investors may not be comfortable inheriting existing tenants.2) It may be it is a class C neighborhood. 3) Structural issues.

Since you are new to the market, you can look at what the top rent pulls look like and cater accordingly on the design.You always want to build relationships with contractors, but that takes time and you always need a solid bench, just like in basketball because some days your starting plumber just doesn't show up and you need to bring in the backup.The rates are the rates and they aren't going way down soon so it's just part of a different metric to evaluate in your new market.Good luck!

There are only 3 reviews on their website which are all extremely generic and I think aren't real.  

Quote from @Miguel Del Mazo: Knowing more about the area, it sounds like you'll have an ideal avatar of wealthy, young and trendy professionals that aren't ready for or looking for a home to own.

And interest rates probably aren't coming back down anytime soon.

Yes, you personally aren't living there, but with high crime comes unqualified tenants and high maintenance costs (stolen materials, broken windows, etc.).

We both know the numbers you used (mostly that 1000% return number) aren't practical, but humoring them paints an interesting picture about the financial advantage of leverage.

Finding a reliable contractor for the rehab portion and then a good property manager once it's rented seem to be the biggest issues for those who aren't local. 

The interest only payments aren’t getting any cheaper.