I would say get to no many neighborhoods.Also not much in 200K range any more.$300K is the new $200K. 

Why not start with a small turnkey rental property and test the water?

For example, I have a subject property that has 1682 SF on the main floor and 810 SF of finished basement (the majority of which is about 8 feet in height with the exception of some bulkheads to hide the mechanicals) and 271 of semi-finished basement that is a utility room basically (washer/dryer, freezer, hot water heater, furnace, some storage).

This could cost around $500 to $1,500 per unit, depending on the size and complexity of the project.Certifications: There may be additional costs for certifications (such as HERS ratings) or third-party testing to verify the energy efficiency of each unit.For a 90-unit project, you could be looking at costs in the range of:$45,000 to $135,000 for energy modeling and certification (depending on the cost per unit).For a 112-unit project, the costs would likely be:$56,000 to $168,000 for similar services.Tax Credit Calculation:If you meet the energy standards, you can claim up to $2,000 per unit.

This will free you up to get a loan in the 2 or 3% range... even in 2025!

However, most tend to get very watered down with sales pitches etc.  

I did this prior to my R2R purchase to ensure my numbers were in the same range as R2R's projections.

AND there aren't many note buyers who will buy notes with large balances in the range you mention. 

He used to troll these waters for suckers very hard until I found out that his claimed experience and transaction history was fake.

As a builder, I target about 15-20% profit per build ($500k-800k price range, low-mid in my area).