@Shirley McLean if this is your primary home then that will make it SIGNIFICANTLY easier. 

Try to meet with some consumers in your target group and get their perspective.

Example:List Price $124,000ARV $200,000All-in Target $140,000 (70%) Refi Loan amountRehab Estimate $30,000Holding costs $6,000 (Includes PML interest only payment, insurance, utilities)Closing costs $7,000 (Acquisition and Refi closing)Purchase Price $97,000 (MAO) PML loan amountSo in this example you have a Private Loan amount of $97K. 

But the property must be the type of property I would like to manage and preferably within my target area (2 mile radius of my home).

Also, did you notice negotiating with the owner was easier with any of those lead channels?

Its easier to get a 400k loan than it is to get a 75k loan because of govt regs. 

Both properties are right next door to each other - easier to manage.Has anyone had a situation like this?

You should be targeting absentee owners who own more than two properties in the same town.

Remember you arent rehabbing it to HGTV, you are rehabbing it to compare slightly nicer than your targeted comps.

If the tenant doesn't work out, it's easier to terminate the rental agreement.