Thanks Stuart.I don't think a "thesis" is necessary for real estate investing.Your mixing "thesis" with speculation and prediction IMO$1m in cash is retirement for someone that knows what they are doing in "low barrier" markets like you mention.Same can't be said for higher entry markets.Those that don't know real estate will loose no matter where or how they invest.Personally, I don't care about appreciation as I don't get out of bed unless I can net cashflow 20% net on a deal.For example, just bought a 6 unit in a B class area for $160,000.Currently occupied and renting for $3,000pm.Once minor rehab of $50,000 is completed, rents will be $4,500.I have an offer to sell as is for $250,000.ARV is $350,000.When interest rates go down, value will increase even further due to commercial lending being easier.No need for appreciation on such deals.I'll take them all day long over any appreciation potential.Again, just my opinion and each to their own.

I want to purchase properties all over the U.S. in specific areas that my wife and I calculate and predict high returns on with multi family units, apartments, duplexes, etc.

There will be a lot of no's but there are still ways to get them talking (it's in scripts - "Not even for $$$", I'm not calling to lowball you or waste your time", "I'm really just planning for my next one in the next 3-6 months"Get to the details like Capex - age of roof, furnaces, water heaters, central ac units, electrical, any recent updating in kitchens or baths.

Think about getting a small place with two to four units using an FHA loan.

Presume companies and bank accounts would be up and running….next steps:• Each unit makes monthly payment to mngt company. • Establish solo Roth 401k• Make quarterly estimated tax payments (?)

The ADU detracts from the primary unit.  

The HOA fines will be assessed against the unit and therefore the owner.

But with 80 units I can handle a big expense or long vacancy.  

@Erik Heldt you can only use FHA and VA loans to buy owner-occupant property - which you have to live in for 12 months to meet the requirements.So, suggest you consider buying a 2-4 unit and make one of the units your primary address and rent out the rest. 

When I was self-managing we used excel for years until we got to 10 units.