I would do a small target area with high equity with owners over 55.

I think rates and max cash out LTV will continue to be a moving target as we ride out of all this market uncertainty.

They are old and not appealing to the caliber of tenant that I am targeting, mainly college students. 

Your CA investors are likely targeting Louisville for the cashflow and/or to diversify from high-appreciation, high-risk investments in their local markets.

Comps in the area with similar sq footage (not completely rehabbed) are going around 170-215K.I set my ARV target at $180K to be conservative.The property doesn't have HVAC and the listing says it needs TLC.  

A month ago when I was dropping off (100) jumbo 14"x20" envelopes with my 12"x18" marketing poster targeting expireds, the clerk asked me "WTH are you sending out in these?"

Internet rates are irrelevant to me as they are out of my control and I can pay the mortgage off in 4-5 years if needed.My target property would look like this:2-4 unit $125-175kPut 25% down Start in AZ, but potentially add Las Vegas and eventually Atlanta as potential locations for investments.

I am looking to increase the number of units per structure and therefore am looking for commercial real estate (targeting small apartment buildings w/ 5 - 10/units).  

Business is to be a bar/restaurant concept and will target younger educated professionals.

It seems for a new buy and hold investor looking to jump into the game with one's first purchase that single family homes are the asset class to target.