I was shocked watching a national multifamily conference from Marcus and Millichap where SLC was trading at such incredibly low cap rates.

My experience thus far with wholesalers has been less than pleasant.

@Natalie Kolodij-- the appraisal price shocked me, but it's because it's such a large 3/2 full baths, the majority of the houses in Petersburg are around 3/1, 1000 sq ft ~60K, but the appraisal had to go to neighboring counties where the values are higher.  

If you're going through a title company (depending on your state) plan to pay about 6% of the total price in cash at closing (be pleasantly surprised at 4%).

@Nathan Lehmeryou might get sticker shock when you see the prices here compared to Missouri .

DON”T listen to your friends that will be so concerned for you: “don’t you think you should keep working just until" …. ”Are you crazy, you had a great job”, “why would anyone want to deal with tenants, they don’t pay, the roof will leak, the water heater will go out – I’m shocked you would take such a gamble with your family”FEED off these people, just know when you hear these things you just put the gold medal around your neck!

I haven't used HW, but I can give you my thoughts on your other questions.I moved to the Cleveland area this past summer from a pretty expensive part of the country (Triangle area of North Carolina, and before that Virginia), and was shocked at investment property prices here.

@Kim Younkin - the slumlord is the owner, the people living there aren't top notch but 5 of the 7 tenants are actually pleasant.

If you called 25 I would be shocked if you didn't find at least one who could handle a loan for this.

You’d be shocked by how little actual screening many PMC’s do!