One thing I'll add to an off-market deal is you might find a seller willing to do seller financing.You said, "I don't think the time exchanged to manage SFH would be worth my time and the cash flow most likely wouldn't be reasonable enough to hire a property manager.

It doesn't seem to be much in the way of appreciation over time, but would these be worth checking out for the beginning investor?

The big stuff is gone and if anything does come available Mom and Pop know what it is worth. 

If the property is worth $400,000, a note buyer will base their maximum ITV Investment To Value on that value. 

Thank you for commenting on my post, always remember the first one !

He owes 650k house is worth about 1.4M, however, he only needs 300k.

What is the property worth (minus the land) and separately what would it cost to rebuild? 

as a flipper, with the participation of a wholesaler and a hard money lender, what actions should I take BEFORE I close and buy a house (tell me step by step please because i dont really understand the sequence of events) and also please tell me when to do due diligence to make sure how much does it cost to renovate the house and is it worth buying this house?

Remember that averaged 8% annual is WITH dripping the div, not taking it.

Remember, if you decide to sell in a few years, any bonus depreciation comes back as ordinary income.