This feeling will go away after you get your first one under your belt and trust in your numbers. 

Virtually every mid west rust belt state and big city has sub 100k housing. 

I only have one SF deal under my belt, and don't have a whole lot of cash saved up right now, especially for a commercial deal.

But I do understand that it is a numbers game and the more offers you write, the more deals you will get under your belt. 

Now I have a real estate rental under my belt and a lot more experience that I have presently.

You should be able to shorten the rehab time over time as you develop relationships in the industry.I can tell you that I've seen people with 0 under their belt get to 10 in two years but they had the capital to do more than 1 at a time. 

So get a few 'base hits' under your belt even if they're not cash flow cows3) Personally I like semi rough areas but very central and in path of progress.  3rd ward for example4) Google real estate investment clubs near you5) Easy.

For the most part I would not think most real estate assets ever see that swing in a single day, unless there is that hurricane or some other unique event....fire, flood, plant shut down in a one employer town, things like that.Also lots of small operators in the syndication space....plenty have just a handful of deals under their belts in a specific geographic area....They may have hit 3 home runs with little effort on the results.....where if you look at a large syndicator with lots of deals spread around the USA...overall returns might be lower, but risk likely lower too as they're more experienced, and returns average out over poor, good, and great locations.I think the big telling factor will be in about 2-3-4 years when the bridge debt comes due...If we get a big recession and either lending dries up or lender underwriter standards change, there will be some syndicators in big trouble....will have a tough time selling, won't be able to refinance, will be going back to investor for capital calls.   

Preferably bible-belt states.Your honest opinion is much appreciated!

The exterior doesn't have alot of curb appeal, and a buyers 1st impression, clean up the landscaping, weed eat, leaf blower, etc. will help.