He never picks the student that just wants to earn $x / month in passive cash-flow.  

We also have many unique buyer incentives where an investor can get up to a 10% price reduction to come into immediate equity, or get that 10% as a cash back at closing to reduce your down payment and increase your ROI, or buy rates down into the low 4s on 30yr loans to maximize cash flow.

Depending on the seller, you may sweeten the deal, by letting them know that they don't immediately need to cash out, or can partly cash out.

From what you’ve described, it sounds like you’re more focused on long-term appreciation and future benefits rather than immediate cash flow.

Some markets are better for cash flow.

Just wanted to mention that the cash out refinance funds are not tax free forever.

Cap Rate, Cash On Cash Return, then IRR. 

Always smart to see the bigger picture and future cash flow potential!

Purchase price: $271,000 Cash invested: $30,000 Duplex with 1 bed, 1 bath in each unit + 3 car garage in a great neighborhood.

I suggest 6 months of expenses to keep in cash.