The only thing that I see missing if they are purchasing with hard money debt they may want to factor in 3% - 5% for closing costs (points, fees, title, etc) Thx Zachary!

1) Research Zoning of similar property2) Do search with same zoning criteria with propertyradar or have title company give you a list.3) Possibly filter by satellite photos to eliminate undesirable topography.

This leaves $2600 after debt service (PITI).

Can you eliminate markets that wont work? 

I couldn't understand why their credit wasn't better considering their income was what it was and their debts were not unreasonable.

The process must be understood and applied to team building, investing your and 3rd party capital, and financial deal structure with debt and equity sources. 

Eliminate debt, establish a budget, and save.

The “Big deals” are…You have to buy something you don’t already own, not pay off debt, renovate a home you own, or build on land you already own.You have to spend all the “cash” you receive.You have spend more than your net selling price.You can never receive or have control of the cash, you need a QI PRIOR to selling. 

Hey Jason - if it's a 1-4 unit, you would need to value it based off the sales comp approach (assuming the buyer is using debt financing).

Quote from @Eamon Conheady: I was purchasing a multi family through an IRA LLC and was utilizing debt to finance it, requiring a non-recourse loan.