Yip it's the nature of it, I worked my butt off in hospitality and got nowhere and walked away from it coz I was sick of slogging my guts out for so little, I thought if I can work this hard in an area of work that reaps higher rewards then I'm gana find it and do that, that is why I'm here so snap to you friend!...

Would I have to find another method of financing the second deal like hard money or private funding?

Realty folks will use comps instead of the cap rate method for valuing the property.

The example that comes most readily to mind is natural disasters, like Hurricane Katrina for investors in New Orleans.

So, naturally, we stopped going to the property as often.

I am an entrepreneur by nature and I am super eager to learn and start taking action!

It has been a KISS method that has worked out really well for me and kept me from screwing things up, which I am sure would have happened if I would have tried to have been more Geek like in my approach.  

I naturally enjoy hosting and it was a great transition to tapping into real estate investing. 

Now I may not understand the nature of the question since it is possible you are purchasing this property via non traditional means.  

Since there are hundreds of opinions of the best methods, I'll share with you my current strategy.