Finally went PRO....YEAH ME!!! Getting ready to do driving for dollars, send some direct mail marketing....I do not have a website (Do i need one now at the beginning)? I strongly believe I do need to at least get som...

Also who your target renters are.I personally specialize in buying older homes 1900-1970 and get them fixed up to the point where they look nice. 

I should also note that I do have my real estate license, but I honestly don't have the time to use it, but man, I would save a lot of money if I did :D Target Profit Margin $18,000Actual Profit Margin $17,500Financing used: 80% of home and renovations covered by bank with an interest only construction loan.

Throwing out offers left and right may be less effective than a few well monitored markets and targeted offers.

If you're targeting cashflow, as I am, you might consider small apartments or 4 plexes in the midwest and south where ROI is better.

Or should I shoot for someone near the target sub market?

@Andy Rousch and @Chris Sellers My preference is investing in condos, easier to manage, easier to rent out in my investment markets of Washington DC, and Orange County California.

The idea is that you want to give them a better return than they could get from a relatively secure investment and still be cheaper and easier than hard money.

For example, 100k house you need to buy for 70k all in, which means that you need to get that house for 70k - Rehab cost (get to know a good contract with a middle of the road price point so that you are not telling people you can do a whole house for 5 grand) and then subtract the fee that you want to make on the house and that should be the target.

my two cents: I prefer multis, 3 plus over singles and two families as inevitably you will have vacancy, late or missing rental income and it n my eyes is easier to swallow a piece of it than all your income or the property.Maybe down the road you could also convert to condos