I see you mention a buy and hold.  

I usually look at the age of the roof, hot water heater,  furnace, etc.

I have mentioned seller financing to him and he is interested in talking about it more.

My monthly cost are below.Mortgage - $640, HOA - $334.50, Prop. mgmt - $95, Taxes & Ins - $105Clearly a losing proposition, not to mention finders fees of 75% of first months rent, and any maintenance costs or assessments.On to my question.  

And, as you astutely mentioned, underwriting to stress in the market.

I've also read up on some of the stipulations like you mentioned about the lot being too small to build.

You can use the calculators on here to present the deal to a buyer(free for 3 uses unless you upgrade to a pro account) with a breakdown of the estimates(you want to be as accurate as possible), and you can find templates for the contracts here(but your contract should be reviewed by an attorney in your area), and there are plenty of list services(a lot of people mention List Source) and direct mail services(sometimes combined with list services).

More to the point, Brandon mentioned when implementing BRRRR, he can pay more than a flipper.

I think the answer varies on a number of things such as your age, when you plan to retire, how much you have to invest, etc.

I think what I've mentioned are all things that will help you "learn" your market but I know there's a lot more that can be done and a lot more detailed and exact info to really learn your market as well as more effective ways so I'm looking forward to reading more responses from the other pro's much smarter than me.