We are eager to get the ball rolling and close on either a good rental property or a solid flip.  

You hit the nail on the head here and this is where many people drop the ball.  

@Eric Marofske,It seams to be in the ball park so far.  

I would like to start a meet-up group to exchange ideas, pick each other's brains and most importantly, rub shoulders with those that have the same goals.Let's this ball rolling for the new year.

I'd start answering your question but it has several parts and each is about as complex as the next.Owning and managing are in 2 different ball parks and depending on what you own depends on how you manage.. a SFH single family home for rent is rather uncomplicated, your dealing with one property , usually just a few tenants usually related and as long as your property qualifies for rental license your OK to go ahead and rent it out.

Portfolio lenders typically deal with folks who can't gain traditional mortgage financing (non-traditional income/odd ball properties/investors) thus the reason that they can get away with charging more.

@Jessica ZolotorofeI have been eye balling an off market multi unit building.

So in my opinion "As-is" is the seller screaming please come low ball me because I know it may need some work and I'm not willing to do any.

Thanks @Kristopher Smith, @Richard Ball, @Paul Leason, @Kim Meredith Hampton, Account Closed for your comments.  

Here is a small kitchen we did back in the day: http://www.zillow.com/homedetails/610-Texas-Ave-N-Hopkins-MN-55343/1877918_zpid/ The cabinets were from ADI Supply, solid wood, soft close doors, ball bearing hinges, etc.