@Mitchell PollardFor me, raising capital has been the most uncomfortable piece of this puzzle – so first of all, I'd say well done! 

I heard a podcast that stated everyone is looking for another piece to their puzzle.

Thanks to all of you for your responses, because any little bit helps as I'm trying to piece together the puzzle pieces for a bigger picture.

I follow this market very closely...got 1 house and now in contract for another...median house prices near the university is about 150K.So I am quite puzzled what is the rational behind buying these portfolios for 3 times the value of the houses themselves...there is obviously an advantage to buying an established portfolio with built in economies of scale...and I assume a company who is capable of getting this kind of portfolio know what they do...but 3 times more?

I would like to understand the partial rehab puzzle.

I'm trying to get info on how I make a connection with my most valuable piece of the investing puzzle.  

I was puzzled... 

I was able to find a great agent and a great property manager who both know the market well, and without them I wouldn't have been able to find and buy it.I'd say that as an investor, the people you work with and your team are one of the most important pieces of the puzzle.

I am sure it doing just fine but I don't keep score at this point in my investing ;)Commercial lenders don't look at just one piece of the puzzle.

As you know for any of these to cash flow day one the sales price would need to be heavily discounted (by several hundred thousand) from market price so those two pieces of the puzzle don’t really come together easily.