Quote from @John Aaron: Anyone know any hedge funds that’s buying right now and their buy box? 

I still have enough room with my VA entitlement for a buy and hold in a couple of years, so I'd rather save it for later!

If you plan to buy in your hometown, buy a 2-4 unit, and live in one of the units.

Since you know what you need to buy it at and an average rehab cost, I would say $50-70k for a cosmetic flip, set the ARV based on the sample you choose and doing comps and ask them if they would invest in a deal similar to this. 

Looking for advice in defining our buy box.

If you sell for a net sales price of $1 mil and buy for a net purchase price of $700K you will owe tax on the difference of $300K.BP may have a capital gains calculator you can use.  

I'll buy the fuel if you'll take me up!

I will add that to your question of 10% or 20%, you need to ask yourself whether you need the cashflow or not. 10% down would leave some money with which to buy more properties.

I purchased my first buy and hold SF rental property last year and turned the property into a student rental as it was very close to a local College.

They’re buying themselves a job.