The investors I know that use the common approach of putting 20% down and using new loans from a bank are choosing to invest in Ohio, Indiana, Georgia and other less expensives states.However, folks from CA find using creative finance to invest in AZ are making big bucks.

I've got a piece of land under contract that I can subdivide and put a duplex on one of the lots to sell. 

Your agent could also get in trouble if they know this which could put them at risk. 

I will say I was quite put off.

We had to put in more than expected, so we decided to keep the property and get our “profit” through appreciation over time rather than flipping it.

Regardless of which home you buy, you will need to spend some money in upgrades and fun features to maximize rentals.One last note:  I would not put too much of emphasis on a PSF analysis. 

How would this work if I put my tenants on a week to week lease?

zillow, realtor.com, facebook marketplace, put notice out to your friends and family you are looking for a roommate.   

Reason I ask is if the appraisal came in at $490K the buyer still needs to put down atleast 3% as a primary, 10% for second home, and 15% for investment.

Some guys try to put their entire business into it but in my use it lacked in basic lead management.