There aren't any more quick and easy finds.The last statement, about not having the mortgage covered even by three renters, will only apply if your purchase price was too high (which is kinda related to the temperature of the market).

Richmond REIA and Richmond RING are both good places to meet like minded investors.

I believe the three I mentioned above all have MLS access, but they might not all cover the same areas, so caveat emptor...

Eg, if the tenant can only afford $600 instead of $650, the property is empty for a month if the tenant leaves, then it'll take you 13 months to make up that missing month.In my opinion, empty properties don't make money.FWIW, we have dropped rents for tenants in the past, like the couple who had just had a child and her company fired her when she went into labor three weeks early.

I worked with a company that has purchased 3000+ homes in Detroit (mainly) in the last three years and the market has been horrible for them.  

They say they'll fix it Monday, but they need me to sign it today (even though it's wrong) anyway so that they can comply with a three-day federal requirement about lending disclosures.  

The term illegal flipping does ring a bell.  

I am thinking three $85,000 homes with rents of $975 or better can be bought with $66,000 out of pocket.  

I also own three properties that are appreciating versus just one.

There's three single family homes all in great condition and much nicer than the apt buildingsI'm meeting with a bank president (family friend) tomorrow to ask general advice and discuss the deal.