I've found that building your own analyzer to fit your needs is generally the best method. 

Seemed like a perfect fit.  

This is not to say that there is not money in this strategy, you will just have to find weather or not it is a good fit for your business plan. 

At some wholly illogical and unbusiness like thinking level, I think it fitting that the returns I've been told about are normally less for FC than for working out a loan.  

You have to analyze I fit really is a bad location OR if the timing of selling it wasn't right??

The potential for making mistakes is still there, but limited by having a good real estate agent who knows the area and will guide you to properties that fit your criteria.  

Our combined income is mediocre to say the least (85k/year, soon to be 95 - 100k) and have one car payment (300/m) and some cc debt (10k).We felt that we had a a unique situation on our hands because of the equity we have on our home, so we decided to do some researching in Real Estate investing and came to the conclusion of doing a HELOC and investing in SFH in Lancaster or Palmdale, CA.Chase, our lender only approved us for 40k with the condition to pay off our debt and car loan which only leaves us with around 6k.We are thinking about Lancaster and Palmdale because there are some properties that will fits our budget and fall within the 1 - 2% rule.Any advice?

Didn't really fit for my investing goals.

If there is a working garage, I would add $100 per month per car that would fit.

I'm on a limited budget so I was thinking mailing to those 50 or so & that would fit my budget and cold calling the rest as well as leaving door notes saying I wanna buy their house.