With good enough credit and a lender that knows what they are doing it can be done.

We both have good W2 jobs and the benefit of having our own place to visit along with the appreciation we will see in a few years is good enough for us for now. 

The quality is easily good enough for class B rentals.  

Yeah this is at best a base hit I think, but for a first deal that's good enough for me.

I could definitely look a little bit more into the rent numbers, but personally, it doesn't seem good enough to meAnd buying thinking it is going to appreciate is speculative, and you just have to understand the risks and rewards of that choice.

Just making extra monthly/periodic principal payments is good enough for me :)Of course, you need to be a "saver," not a "spender."

Having vacancy for a period of time will also decrease your return as will capital expenditures so hopefully the $1K is good enough to cover your costs.As others said, this may not be the best investment but only you can decide that and what your minimum target return will be.  

He argued that if I'm able to get a good enough deal a builder will cover all closing costs; I'd have equity within a month or two; I'd get cash at closing because he'd give me a cut of his commission; I'd get certain tax benefits; and of course, pride of ownership.I'm now under contract for a home at $275K, the list price was $298K, and the same model sold last year in the subdivision for about $345K (April 2006).

@Matthew GrisafeNot sure if this counts for what you're looking for - but I purchased my second airbnb 100% financed because I purchased my first one at a good enough deal that my lender put a second lien on the first house to use as my "down payment" on the second property.

There are so many problems with far away that I can't start.3) Although you say you have good connections to your hometown - that's good but has anyone there done a flip before and, if so, do they think this is a good enough deal, and a 'do-able' enough rehab, to go in with you?