Since this place is the better part of an hour away that's strike one in my book.You don't know, or know how to calculate, the ARV.

'Do you see qualifying for a $150,000 (or whatever your strike price is) loan in the next 20 months being a problem?'  

I tried to strike out on my own and kind of fell flat on my face!

The only places I will be able to afford are way out in the suburbs, unless I strike gold. 

Also have your financing or cash ready so when a good deal exposes itself you can strike quickly.

I can handle that, I'll make extra payments to make sure I'm a couple months ahead just in case disaster strikes.  

The tough part is the 1031. to buy great deal it take time waiting in the wings to strike. as far as financing I would work on relationships with small banks in the markets you want to invest in, probably on the commercial side of things, many wont like that you live out of the state you want to own in. so you will need to knock on a lot of doors. 

Go all out and play the risk game alongside others who have a low cost portfolio to keep them afloat if disaster strikes?

I also heard just hang out in a department in one of the big box stores and watch what materials they pick up and maybe you can strike up a conversation to see if they can help you.

Anyone getting a migraine yet?