This is clearly not enough cash to buy a condo outright here in NoVA.

DC and Maryland (The parts of MD that were using the Regional, not the MAR contract) will have the same contract with the new jurisdictional addendums.  

For me I would look during the Mar to Aug time frame and buy during the Sept to Feb time frame.

@Eric Yi Welcome to BP and NoVA.

I think it would be nice if NOVA (Northern Virginia) had a place as a sub-forum.  

I'm an active duty Marine and not in the states right now, but would like to accomplish all I can towards a goal of purchasing and renting out my first property by Feb/Mar 2016.I live in Fallbrook, CA with a friend of mine who was medically retired and would like to find a four-plex/quad-plex in which I could live in and rent out the other units.

I am in the NOVA (Northern Virginia Area) and been looking at possibly doing a 203k to do a semi live in flip.

Honestly, this site and the podcasts are excellent ways to get a variety of opinions on a given topic to help you narrow your focus and start designing your business model.I am still on the hunt for my first flip <fingers crossed I am looking at a property tomorrow> but NOVA is challenge as I learned our foreclosure rates are really low.  

One thing to consider is flood insurance (if you are in NOVA you don't have to think about it a lot) but in Hampton Roads/ VA Beach it can add up.  

If it helps, I have NOVA clients that shop in areas closer that are MUCH cheaper.