I would bet they have someone who either teaches their part time who's good in that arena or know of someone.  

I bet you can do better than 4% on an owner-occupied mortgage.Vacancy will probably be closer to 8%.Insurance looks low for a $300k property.Water/sewer might be a touch high.

I bet this is a full priced deal.

People know someone who met someone who got one in some state...at some point.Best bet is probably to bring in an equity partner.

You can get yourself two decent properties in any of the following markets.Cleveland, OhioCincinnati, OhioDayton, OhioToledo, OhioYoungstown, OhioCincinnati, OhioMemphis, TennesseeSaint Louis, MissouriIndianapolis, IndianaDetroit, MichiganErie, PennsylvaniaLouisville, KentuckyMilwaukee, WisconsinJackson, MississippiKansas City, MissouriBirmingham, AlabamaCleveland is the one I am most familiar with and it's also very popular with investors across the USA so I figured you'd get some value out of reading The Ultimate Guide to Grading Cleveland Neighborhoods.

Your opinion is welcomed.My wife and I came across an inexpensive property, in a pretty popular vacation destination in the mountains, that we would enjoy for ourselves.

At this stage, your best bet is gathering as much information as possible.

, rehabbed (I'll bet $20k for rehab is high, with the right "mobile home rehabbers involved"), and roll all that into a new loan .

I'd expect something closer to $30/month.If your rent and reno numbers are good, and this isn't in a war zone, I bet you can cash flow $300+/month.

In no particular order I have listed some of the most popular markets for out of state investorsCincinnati, OhioDayton, OhioToledo, OhioYoungstown, OhioCincinnati, OhioMemphis, TennesseeSaint Louis, MissouriIndianapolis, IndianaDetroit, MichiganErie, PennsylvaniaLouisville, KentuckyMilwaukee, WisconsinJackson, MississippiEach of these markets is popular with turnkey investors because of the low barrier to entry, high rental demand & high rent to price ratio.