I am wondering if anyone has any recommendations for a great realtor who meets the above criteria and who has an eye for what specific repairs are needed vs. unnecessary to minimize costs and maximize resale and rent.  

Do any of you have recommendations on medium-to-large western cities that have reasonable prices with cash flow (however minimal) potential? 

As a borrower, thats an insanely sweet deal in my opinion if you are correct about the loan structure, because you are pretty much hedged everywhere - i.e. you'll only face minimal interest rate risk, and even then you can refi- out if the rates too high. 

Offer to maintain their template or help them create a template so that you can simple recreate their rehab or unit turnover with minimal input from the owner.  

ORSubject 2 (If there is a mortgage): "We can buy your house 100% as-is with your current tenants in place, and close in 7 days leaving your existing financing in place for a short time"Obviously there's more to each pitch, but the point is to understand your options, and not to limit yourself to one niche when there are multiple ways to create a win-win. 

Work on your script/pitch and eliciting the necessary information needed to determine if it's a good deal and what options the sellers are open to! 

If I were in your shoes, this is what I'd do. 1. review/read the details of minimal requirements (see Brian's link)2. compare the agent's proposal against the requirements and see how they match3. determine your comfort level and decide...Sidebar: I took a few minutes to see if I could find any recent L/O agreements in Cumberland county.

I'd suggest holding off on pitching creative options (Sub2/SLO/Seller Financing) until after you've established their cash price and built some rapport, and then if possible have those conversations in person.  

How are you minimizing the risk of the lender calling the loan on your Subject-To deals?

I work a full-time job, have a strong/stable income, near perfect credit, 3 days off/week to dedicate to RE, access to frequent and inexpensive airfare, and enough saved for 20-25% down on a 50-150K property.My criteria would be at least a triplex (preferably a four-plex) that needs minimal rehab that also falls within a relatively-stable rental market.