I am located in north Jersey 

Also, for those who invest OOS, do you find one market you specialize in or do you tend to bounce around and cherry pick from markets in several locations? 

I can say I'm biased because I'm located here, but the numbers work and it meets all your conditions.

Also make sure to build on a property located in a desirable location with larger pop density and if holding for rentals, charge median rent for that market as lenders want to see a bigger pool of buyers/renters available to occupy/sell. 

We found an opportunity to purchase a huge SFR with two kitchens located next to a commercial zone which was previously used as a sober living facility.

Sadly, it seems that cash flow on long term rentals with 20% down just does not exist in most desirable locations.

In those days it was possible to locate and tie up a “killer” deal, and close the transaction with absolutely zero of the investors own money.

By targeting better locations, leveraging Section 8 for consistent cash flow, and balancing low acquisition costs with high guaranteed rents, you've achieved impressive results like $1,100 in net cash flow on a single property.

Where better than Richmond, VA, a promising location for such an endeavor?

What location?