My theory is that any deal is doable...at the right price.

When our mortgage rates are 8 to 9% then getting 6 to 7 on deposit is doable yes!

Well, it seems all very doable except for the insurance problem and countrywide finding out...What about this?

It will take a lot more work, but doable.  

Simply living in the house for the long run is doable as well and just saving more for a smaller investment play is an option too but just wanted to get your thoughts on it all.I am excited to be involved within this community! 

It's definitely a little trickier to process the 203k loan due to stringent guidelines/steps to get the job done but doable.

if you don't mind the section 8 side of investing its doable as you will surely have to have rehab funds and get a tenant in there a.s.a.p. you may even have the ocassional lease-option but you will have to put a little more than spit, gum and glue on those properties. the numbers are the deciding factors for any strategy. just because someone or a group of someones don't favor a particular method of investing in real estate doesn't mean that you must do the same. find your niche(s), what works for you. my coin.Kudos,Mary

And, is it really doable to increase NOI by $6,000 and equating that to $75,000 in equity with an 8% cap rate? 

Given your experience is that something that is doable on my budget?

See what is do-able for you and what you can foresee yourself actually going through with.