BP,Gary Keller talks about the importance of your contact database.You make contacts, they go in the database.

Not sure where Charlie got his information about rents, because I have never reported my $1,000 we get in rent for our 2 bedroom to any database that I am aware of.

This thread was initiated not to agree on the best return metric but as an academic exercise to enable me to understand why the annualized return (IRR) goes down over time for a subject property I was analyzing. @ Stephen Greenway correctly explained that the decreasing irr comes from holding the property and averaging more modest and sustainable cash flow returns over the long haul bringing down the initial "flip" return. 

All on Sub2, or is your angel investor enabling you to do cash purchases?

Regardless of your ultimate ambitions, I'd encourage you to start locally and expand as your resources (time, marketing $, buyers, support team, etc.) enable.

OR, maybe someone who is interested in starting to reach out to off market owners and build up their own database for the benefit of 'the' company that employs them.  

Keep it simple, search the 203k contractor database, you will/should find one in your area, call a few then pick best one.I know your investor wants his own contractor, but his contractor may be simply more expensive because he will have to consider carrying cost for project as the payments  and frequency of payments are regulated by lender.

Most of this growth is being channeled into the western urban county.There's enabling land use legislation in the works: As of today, Snohomish county is nearing the end process of lowering the lot size minimums for Duplexes to the same size as SFR, instead of 150%, so conversions should be relatively simple to permit. 

Sorry, I'm an IT Infrastructure Manager, I'd only be good enough to make the hardware and networking run really well for your back end stuff like databases, servers, websites, email, etc, run well. :)  Good luck with your search!

Then put that in your database to keep track.The keeping track is what became tough for me.