Don't let the excitement of get this property overcome your rational senses if/when the seller counters.

My goal to overcome the lack of funds is to find joint venture partners.

An influx of REO's (Real Estate Owned - foreclosed houses that banks are reselling) can drastically decrease housing prices in an area.Now if these factors are not what is desired, the key is to adjust your expected sell price.Price overcomes all objections.Even in some of the worst markets in the country, houses are still selling.

With international students this could present a new challenge to overcome with a cosigner, but something to figure out.  

I'd steer clear of this type of area until you're more experienced unless you have some other particular advantage that would help you overcome the additional risk.Some of the inner ring suburbs (including Lakewood) are popular on both the east and west side areas, though you'll have increased regulation from the suburban municipality government and increased property tax burdens to deal with.Since you're local, I'd deploy capital in an area you are (or get to be) familiar with first hand, and use that list I provided as a starting point for areas to familiarize yourself with.

@Michael Ealy well, I mean yeah, I’m a bit frustrated but at the same time I love the growth that I’m experiencing and the challenges I have been overcoming making me a better investor...I’m taking the time now to learn from mistakes so that I have a strong foundation already built for when I get to 100 units I’ll be a much stronger investor.....but yeah, just like I thought, the insurance agent needs to be fired.

If so, how did you overcome it?

This allows quick closings on properties that sometimes need extensive repairs.A wholesaler lives off of the idea that price overcomes all objections.

DXE needed to overcome a seller that was very difficult to work with.

City Housing Dept. has been surprisingly responsive to confirm it’s a legal 2 family home but shying away from answering: what it would take to convert or if we would be able to rent separately as a non-conforming propertyAs a 2 family home, we can get close to expected rental income of 3 family (~$100-$200 less), assuming future tenants would be willing to live on floors 2 and 3 when there are a similarly sized 4-5 bedroom single family homes in the areaOne of the requirements for a 3 family (and I think the main hurdle we’d need to overcome) is the need for 3 off-street parking spaces.