My goal is to have and hold for several years, and the location is in ABQ NW or Rio Ranch SE, roughly the Paradise East area, give or take.

@Remy Bonser absolutely .... well if you decide to invest in SE CT ....

@Richard BradshawI don't have any lists per se but I have driven the Montego Bay and Ocean Pines neighborhoods pretty extensively. 

ScottThere are lots of small MF in SE Michigan, many dozens in Royal Oak alone. 

Your personal credit is usually irrelevant if you find a profitable deal to take advantage of in a reasonable amount of time.They are loaning money to the property per se,not you personally.There needs to be tons of profit to potentially be made after you have made the repairs and improvements to the property and put it up for sale.

Lots of SE WI contacts are active on the blogs. 

During Katrina there thousands of people displaced throughout southwest La. and SE Texas.

But I do not se any opportunity in here in San Diego.

At the end of 2011 I bought a property in SE PDX with a 700 sq. ft. two bed, one bath house and a smaller one bed, one bath detached ADU on it.

Nick, it will be subject to SE tax, it would be just like 1099 income, depending how you do it, it will either contribute to you income and adjust your rate as any other additional income would, or at short term cap gains rate.