Last individual is a retiree who has money to invest but wants to be a silent partner.

We are planning on going 50/50 and as she put it, she just wants to be a "silent partner" because she doesn't have a lot of time to devote to all the in's and out's involved with real estate. 

Rents go up a heck of a lot more than expenses do.As a quick illustration - my current "oldest" property is a 3 unit I purchased in North Beacon Hill in late 2016.

These homes will usually have ARVs in the mid to high 1s and are in areas where the rents will cover the mortgage and cash flow a bit too.Some areas that fit this criteria include but are not limited to: Penn Hills, Carrick, West Mifflin, Homestead/Munhall, and more.

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I figure if you grew up in the projects or just blue collar land you will do better than if you grew up in Beverly Hills or etc.

All,I have a short term rental in the Texas Hill Country that is in a neighborhood that has deed restrictions.

@David Hill thanks for the post!  

And keep in mind I am just the bridge lender so folks can BRRR and when they refi I am paid out I dont own any of these long term.The OOS investor acquires a home normally from a fix and flipper be it a turnkey out fit or off of MLS and the agent they are working for like a Holton Wise there in Cleveland for instance.So before they buy it the homes were in disrepair and vast majority are bought from locals who have failed to maintain the property but live there as owner occs.. those folks simply dont get hounded for violations like OOS or non owner occ props.What I have seen is when neighborhoods start to go down hill when they start to turn from predominately owner occ to rentals or the school scores go way down..