I’m trying to figure out how far my money could go in specific markets, so I can focus my efforts.

If you are not from the area and do not have many connections for buyers/sellers, you need to figure out how you are going to get any work. 

A - Invest $100, add value to $120, market corrects to $100 in year 1, but you achieve an 8% return from cash flow and principal reduction.B - Invest $100, add value to $120, market remains as-is (or it takes longer to correct), you achieve target returns of 15-20%C - Invest $0, earn $0.Substitute appropriate figures...just trying to generate dialogue.It's hard to model things like a market correction or rising cap rates, get excited about lower returns, and make a purchase but idle cash and the war chest strategy (scenario C) can be costly relative to scenario A (except with an appreciation only/market timing strategy...let's ignore that one for simplicity).Many of us have analyzed and turned down a ridiculous number of deals and we see a lot of posts about waiting for a correction but the math seems to suggest otherwise if investors are adding enough value (and generating cash flow, using long-term debt, buying in solid locations, or investing for the very long-term).  

With so many people moving to Raleigh these days I figured the vacancy would be quite low.

I’ve been trying to figure out how it works online, I came across the FHA streamline refinance but I’m not sure if my situation would improve enough to qualify.

I’ve been trying to figure out how it works online, I came across the FHA streamline refinance but I’m not sure if my situation would improve enough to qualify.

I know it was a terrible deal but really what I was trying to figure is why then is everyone also so interested in buying properties just like this here?

You need to also figure out what the additional care for your dad is going to cost.They may be just fine in their current situation. 

You need to find buyers, figure out what they want, and then go find it.

I figure with as expensive as the homes are here I would be looking at maybe around the same down payment. 3.5% in Cali vs 20% on an out of state.