8%-11% is pretty standard here and as someone mentioned it really just depends on how the company is run.

It is very important that the Wrap Mortgage is written at market terms using a knowledgeable attorney, an RMLO, and a servicing entity.These have risk and I'm not saying a new investor should go out and do them. 

Off market deals usually have nonrefundable deposits and a clunkier process that isn't as suited for out of state people until they have good contacts in the area to evaluate the property (mostly contractors that feel comfortable evaluating projects for you).

I live in the Las Vegas market and have investments and a real estate brokerage in Henderson.

For any value add project, the primary evaluation is based on the numbers.Provided you have trustworthy teammates for the renovation side and a competent agent on the valuation side, you'll perform no matter the location.It seems your weighing factors that relate more towards long-term investing and where your asset will appreciate the most.In respect to emerging markets, you'll want to use characteristics like population growth, employment growth, safety trends and path of progress.

I only have a single rental (at the moment) and a simple W2 job.

The only creative way I can see (obviously not knowing enough details) is an owner carry with you as the operator and a JV partner as the financial backing.

If he doesn't move out you have to go to your county precinct office and file for eviction, at which time they will give you a court date and a constable will notify your tenant of the court date.  

Put in about ten grand and a summer's worth of weekends in sweat equity and the deal is very sweet.

I'm imagining something more like add a wall, turn a bedroom into a kitchen-living on one side and a formal dining room into a bedroom on the other side, maybe add a half bath in each unit.