So eventually, a basic level of standard comp analysis will be required. 

Equity will at some level reduce a properties cash flow to a negative number and turn that investment into a liability.

If you want to be analyzing that many deals (even when narrowed down to 10 MSAs you'll be looking at a lot of deals), I would stress that broker relationships will play a major role in your success level, in terms of finding good deals.

Would fannie mae or freddie mac look at the vacancy % and is there a upper limit cannot go beyond?

@Chad Linn I don't see us getting to those levels anytime soon, but I do think we'll see the next several years with 5%-7% perm rates.

What level of flip and what part of San Antonio are you looking at? 

If I had the property under contract, who would I approach at the government level and how would I approach them?

At your current level,  your rental income will not help you qualify for loans. 

I've developed my own system, that involves the following:1 - The 3 Pillars (mine) of REI...Market Analysis, How Money Works, and Developing a REI Plan...and how all three are equally important, and must work as one.2 - My REcapS System (a system within a system) that is a 3 Level circular (perfect) system where Level 1 feeds Level 2, which feeds Level 3, which comes back and feeds Level 1 again (thus the circle, or perfect system). 

Should I just budget for floor jacking or leveling of new subfloors?