My ideal purchase would have it occupied already and have the lease end in a year to then go in and update/repair the home.

I would appreciate any feedback/recommendations, specifically from other out of state investors with direct experience.Thanks,Michael

I asked Mark how they were are finding their deals (direct mail, driving for dollars, etc) and he wouldn't give a straight answer and said something along the lines of "we just find them".

Find the most in-demand neighborhoods with the best schools and direct market to owners there or find a wholesaler to do it for you.Another option for you would be Florida if you like vacationing down there.

CapEx would go ideally below the line (so after your Net Operating Income), but you could account in the expenses a repair and maintenance reserve so yeah would agree to have something in there. 

I wonder how much more could I have found if I'd just kept looking.I really didn't put enough time our effort into this to call this done, but I hope I got you thinking in a new direction.

Ideally my first deal would be a flip in the low 100k range.

So the owner would need to keep his insurance, and I would not pay that directly?

Do It Yourself (DIY) and syndication can co-exist and provide a platform for you to grow, learn and make money...I think its ideal as you spend the next year learning from books, BP, syndicator deals you are intentional in, etc.... 

In this scenario the owners insurance company will be dealing with your insurance company directly