Disclaimer: I fully realize there's more to a deal than just a static calculation (CoC %, how much money you put down, time invested, condition of property, appreciation and value-add potential, etc., etc.).

I am using this down time to learn and absorb all I can before I can make the first purchase.

This means adding in costs for leasing commissions, tenant improvements, as well as free rent and downtime.

I use the downtime in the winter to work on getting systems set up and figured out and planning out the next year.

After a couple of months of initial downtime it's been fully rented (even during the rehabs) & hasn't yet had a vacancy & it's now a CASH COW.KARMA......this same Bldg. inspector then had a fire in the basement of his home because he wired in several old discarded fluorescent lighting fixtures, (complete with outdated ballasts), that he picked up at a garage sale. 

Sure, mathematically you will be able to exceed a 12.00% yield, but IRL there will be down time between transactions, so your actual returns will be less.This scenario also assumes you do not have to foreclose. 

Not leveraging my primary residence in case of a down time. 

I took online course during my downtime and just had to pop-in for the final State exam.   

more expensive can be a bit riskier, due to more money being involved, higher taxes, etc etc .... but something in a better area usually holds its value in down times and goes up more in the long run

Be prepared for some downtime...vacancies and make ready for the next tenants.