I have been told that the banks that have a lot of defaulted mortgages such as CA and NV are becoming pretty generous with the discounts.

Thanks to @Jonathan Twombly's generous help, I'm meeting with his colleague (a former architect who branched out to advise on and facilitate a wide range of projects) on Thursday.

Purchase price: $280,000Down payment: $20,00030 yr fixed @ 4.25% (No points) Closing costs: $6000 Rehab: $2000 Principal+Interest: $1280Taxes+Insurance: $600PMI: $190Vacancies: 5%Repairs/maintenance: 5%Cap-ex: 5%Monthly expenses: $~2500Monthly income: $2900Cashflow: $400/monthCoC: 17.18%A couple of things to add:I have analyzed the deal as if we were not living because we will most likely move out after 1 year and keep it as buy and hold propertyBoth units are sub-metered electrical/water and tenants will be responsible for utilities No HOA duesThis property is in a flood zone and will require flood insurance - I have been given an estimate of what flood insurance would cost on this property and have over-estimated generously on this expenseThe property is in good shape, as far as we know their does not seem to be any major rehab issues.

Hopefully i'll be able to return your kind gesture to yourself or someone else one day.

The great thing is that in Windsor there are lots of properties that cashflow generously without a large down payment.

Anything lower is generous.

Since then, I've found BP to be an incredible resource for networking and shared knowledge.So far, everyone has been generous with useful information and very welcoming.Glad to be here.Wm

As you have noticed, the cash flow isn't as generous in those areas and lately inventory has dried up.  

BiggerPockets is a great site and I'm really enjoying getting to know other investors and the opportunity to learn from others - everyone so far has been very generous in reaching out and helping.

Thanks @Marc Ramsay for your generous sharing of wisdom and experience!