Just do your research and realize that there is no fantasy land here or anywhere else.  

I might be living in a fantasy world with the possible $50k or less auction price, maybe this house will go for double that.  

Don’t tell me it was on the Fantasy.

the reasons he gave were pretty sound.Ignoring the people who claimed to find furnished units they can Arbitrage, which is pretty much fantasy, Eric was pretty much pointing out they had to spend 20 to $25,000 on units which they did not even own.And he talked about many other problems such as zoning that became you could not do short term rental unless you lived in that building.

If you dumped that 10k into this place then your capex/maintenance shouldn't be 20% since almost everything would be new/reconditioned.60k purchase15k down payment (25%)5.4% interest555 per month253 P&I, 215 HOA, 36 tax, 51 insurance,900 rentLeaves you with 345 mo, and 10k in the bank for reserves which is = to about 39 mos of set asides (20% maint/cap, 8% vacancy).If you get your loan to 5% vs 5.4 you're at 490 per mo and that gets you 410 left over.Crazy to me you'd recommend a stranger assume 0% for PM (because HOA), 0% vacancy (because tenant will never leave), 0% maintenance/capex (because HOA), no rehab (but increase the rent), put more money down, and just hold onto $10k instead for reserves...all to make your fantasy cash-flow numbers work.

The owner may want to see what price he can get, may be willing to sell only at a fantasy high price, or may be making believe he's selling to satisfy a spouse or business partner.  

In short, fantasy world. 

They want a fantasy dream world where they are a rock star instead of the reality of where they are at now.It is not okay to use pictures of others properties to HOOK leads in.

I got into a fantasy football pool with my real estate agent and he self appointed himself as the treasurer and held $480 to pay out the winner.

Your going to need to do direct mail and be the sellers only choice.10 caps for stabilized multifamily in decent areas were trading 2 to 3 years ago.Now everybody of course wants to buy them at that but they are not out there hardly at all anymore.You will get claims of a lot of 10 or 11 cap but they are claiming fantasy holding costs numbers of 25 or 35% in a C area when it will run 55% to 60% costs per year.