For my area it isn't worth going the extra mile or spending extra money for something big and luxurious.

If you do decide on an area, please go visit and spend time in that area and get to really know it and the team you plan on working with before investing into it.

And it was all grade school kids looking for summer work and some spending money..

Expect to spend another ~$8K for that.If you are planning to close all-cash and bring enough cash with you for operating expenses and rehab, you are looking at a minimum capital raise of about $3M and that is for a cheap 32 unit.

if you buy a random property in a neighborhood you've never been to and turn it over to people you don't know you'll just lose money.not trying to be negative, trying to protect you and your hard earned cash.

Run your numbers based on youre required return given what youre likely to have to spend and the amount of headache, risk, and work you have to do.

For REP status federally, you must meet two requirements: work 750+ hours in real estate activities and spend more than 50% of your total working hours on these activities during the tax year.

Most can't even conceive how they will ever have just $200,000 sitting around in liquid cash to spend. 

I wouldn't spend another moment of my personal time on it. 

You can spend your time in worse ways, like watching some silly movie.