I've been eyeing land in Central and West Texas, and they occasionally have some interesting opportunities, but some of them seem too good to be true. 

SI is a true turnkey provider.

The challenge is knowing if the listing agent actually tells your offer to the seller or not.For example, if a distressed property is $650k and you want to offer $620k, the listing agent says the lowest the seller may accept is $645k, but is that actually true or made up because the listing agent wants their commission?

the ONLY true way to reserve for sub to melt down is to have the money in the bank to pay off the offending mortgage full stop any thought of trying to refi etc is just wishful thinking sellers credit will get hammered while you go through the process.

A true Portfolio program offers a 15% Down for any SFR or up to a 2-4 Unit Multifamily but requires proof of some sort of income.

There must be an egress in all sleeping areas and make sure the listing states it's a sleeping loft that is not a true bedroom.

I am just attempting to give you my view point and possibly highlight some points that may be a bit painful to hear but which are nonetheless true and which may help in the future, idk. 

If all that is true try @Dave Foster.

This is true if the rent pays for maintenance, taxes & Interest.If the rent pays for maintenance, taxes, interest and some part of mortgage then it's better than 24%.If the rent pays for maintenance, taxes and you have to pay for mortgage and interest the return will be close to 6%.Property taxes and Maintenance are not fixed cost they increase with time like rent.

Many of these "gurus" claim you buy Class D properties and through the "miracle" of S8 rents - make them cashflow.Rarely happens!