However, you have to be extremely careful financing 100% of the transaction as you still need reserves, closing costs, etc. and make sure it cash flows.You didn't mention if this would be a rental or owner occupied. 

As someone mentioned, the only thing passive about real estate investing is the tax treatment. 

Not sure how many PMCs you've had bad experiences with, but we'll take exception to:"Then do a thorough research on tenant applicants (note: leaving this to a PM may be hazardous to your financial health)".BP seems to have more threads about screening mistakes by DIY landlords as opposed to PMCs.Now, if you'd have mentioned Maintenance, you'd get no argument from me:) Even the PMC industry acknowledges maintenance as one of the biggest challenges.Rereading my post, I kinda see how I sounded negative toward PMs.  

After that, they sent a few messages mentioning they were working with a couple of probates and would get back to me.To date, I haven’t received anything, and my attempts to reach them have gone unanswered.

I have listened to plenty of podcasts and ready a number of books, but only a few mention purchasing yours first rental with a HELOC.

I can keep going, but that will all depend on each answer.Let us jump to your comment about your spreadsheet calculator, as I mentioned market could be completely different depending on where you live in, fo this you have to look at what you want to focus on "appreciation" or "cash-flow", there is a balance between them when one increase the other drecrease, and that will always depend on the market, neighborhood and cities where you are planning to invest.Finishing with your comment about wholesaling, please don't look at it until you fully move-in, wholesaling is another beast that is managed different and requires a lot of partnership, relationship and local knowledge.Let me know if I can be helpful in anything else. 

While @Phillip Austin mentioned Raleigh is a higher returns its just very much a appreciation market, you will not find rentals that cashflow, so depending on your goals its a good or bad market.

As previously mentioned, the average sales prices and median sale prices continued to climb for the 5th year in a row.

The other cities you mentioned should be fine also.

Since you mentioned that you are getting started, I highly suggest you house-hack (this is how I got started in Costa Mesa, Orange County).